Samsung Securities (
Korean: 삼성증권) is a South Korean
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
company headquartered in
Seoul,
South Korea, and a subsidiary of
Samsung Group. It is one of the largest
securities companies in Korea.
History
On October 19, 1982, Hanil Investment & Finance was established.
In 1988, the company was publicly listed on the
Korea Exchange.
In 1991, the company changed its name to Kookje Securities.
In 1992, the company was incorporated into the Samsung Group and was rebranded to Samsung Securities.
In 1996, the company attempted to set up a joint venture with
J.P. Morgan & Co. to sell
mutual funds in Korea but by 1997, the venture failed. In 1998, the company was the first to sell mutual funds in Korea.
In 2000, the company merged with
Samsung Investment Trust.
In 2014, the company's ownership of Samsung Asset Management was transferred to
Samsung Life Insurance
Samsung Life Insurance (Korean: 삼성생명보험) is a South Korean multinational insurance company headquartered in Seoul, South Korea, and a subsidiary of the Samsung Group. It is the largest insurance company in South Korea and a Fortune Gl ...
.
In 2018, the company set up a team specializing in analysing investments related to North Korea, the first in the industry to do so according to a statement issued.
The company has signed partnerships with various companies. These include
Rothschild & Co (2008),
(2014),
KGI Securities KGI is an acronym for:
* Keck Graduate Institute
* Kernel Graphics Interface
*Knight Global Investments
* KGI Bank
KGI may also refer to:
* Kalgoorlie-Boulder Airport
Kalgoorlie-Boulder Airport is an airport in Kalgoorlie, Western Austral ...
(2016)
and
Societe Generale (2018).
The company has opened offices overseas. These include London (1996), New York (1998) and Hong Kong (2001).
2018 Samsung fat-finger error
On April 8, 2018, an employee of Samsung Securities mistakenly distributed shares worth US$100 billion to employees.
The error happened when the company tried to pay a
dividend to about 2,000 employees who participated in the company stock ownership plan.
The intent was to give each of those employees 1,000
South Korean won
The Korean Republic won, unofficially the South Korean won ( Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used f ...
, worth about US$1, but instead issued 2.8 billion shares.
These shares were worth about 112.6 trillion won, or 30 times the
market capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by t ...
of the company.
The error caused the price of the company's stock to drop by 11 percent within a day and to fluctuate after that.
By May 7, 2018, the company stated that it would file criminal lawsuits against employees who sold their shares during the fat finger incident.
References
External links
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{{Investment banks
Securities
Companies based in Seoul
Financial services companies established in 1982
Companies listed on the Korea Exchange
South Korean brands
South Korean companies established in 1982