S. Korea’s Daewoo Securities plans regional expansion+

S. Korea’s Daewoo Securities plans regional expansion+

TOKYO, Nov. 28 Kyodo

Daewoo Securities Co., a major brokerage house in South Korea, aims to expand into other Asian nations by making use of its know-how in Internet trading, the company’s president, Park Jong Soo, said in Tokyo on Tuesday.

He told a press conference that Internet trading in South Korea now accounts for some 60% of overall trade there.

He said Daewoo wants to develop financial businesses in China, Japan and Southeast Asia by using its Internet-trading experience.

The developed information technology (IT) infrastructure and a large number of individual investors in South Korea mean the volume of Internet trading in the country will climb to some 75% eventually, he said.

On the current level of share prices in South Korea, Park said they are now at the bottom following the Asian economic crisis.

”Share prices will turn upward next year if the use of public money by the government encourages financial realignments,” he said.

Park added he is expecting further investment in South Korea from Japan.

Daewoo Securities was founded in 1970, and became fully independent from the Daewoo Group in October last year.

COPYRIGHT 2000 Kyodo News International, Inc.

COPYRIGHT 2000 Gale Group