Samsung Securities pulls plug on international expansion

Little more than two years after launching an ambitious expansion plan outside Korea, Samsung Securities told employees yesterday that it will refocus its attention on its home market.
<div style="text-align: left;">
Samsung Securities: surrendering international ambitions
</div>
<div style="text-align: left;"> Samsung Securities: surrendering international ambitions </div>

Samsung Securities is shutting down almost all of its operations outside Korea, putting a stop to an aggressive expansion that had aimed to create a leading regional player in Asia by 2015 and one of the top 10 financial players worldwide by 2020. The decision, which came as a shock both to employees and the market, was communicated internally yesterday afternoon and sources said a formal announcement will be issued this morning.

The difficult market conditions and expectations of a continued poor operating environment were referred to as key reasons for the drastic move, the sources said. However, the firm had been hiring up until the end of last year,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222