KB Securities to open Mumbai office in India push
KB Securities, a brokerage affiliate of the South Korean finance giant, KB Financial Group, is set to establish an office in Mumbai this year to seek opportunities in the fast-growing country.
"As part of its global expansion drive, KB Securities plans to open an office in India," an official from the brokerage firm confirmed on Tuesday.
KB Securities currently operates six overseas units in five countries, including the US, Hong Kong, Vietnam, Indonesia and China. India will be the firm's sixth overseas destination.
The firm is to seek opportunities in the Indian market through the office before officially expanding in the country.
Over the past few years, Korean brokerage houses have been bolstering their expansion in India, betting big on the country's rapid economic growth.
For instance, Mirae Asset Securities completed the acquisition of Indian brokerage house Sharekhan Ltd and changed its name to Mirae Asset Sharekhan in November. In January, the company announced it would inject roughly 290 billion won ($203 million) into its Indian subsidiary to spur the growth of Mirae Asset Sharekhan.
Other major brokerage houses, such as NH Investment & Securities and Shinhan Investment & Securities, are eyeing opportunities to expand their presence in India, seeking chances to network with local authorities and partners.
Furthermore, KB Kookmin Bank, a key affiliate of KB Financial Group, operates three branches in the country: Pune, Chennai and Gurugram. KB Securities is likely to seek synergy with the lender's operation in the country through the new office.
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