Mirae Asset Securities Finalizes Sharekhan Acquisition

Mirae Asset Securities has successfully completed its acquisition of Sharekhan, one of India's top 10 brokerage firms, for a total of 586.6 billion won. This strategic move, announced on November 27, marks a significant milestone for Mirae Asset Securities, which first entered the Indian market in 2018. The company aims to capitalize on the burgeoning opportunities in the Indian financial sector.

Established in 2000, Sharekhan has grown to become one of India's largest retail brokerage firms, boasting approximately 3,500 employees and a comprehensive network of branches across the country. The acquisition process began with the signing of a stock purchase agreement (SPA) worth $480 million in December last year. Following a year of coordination and obtaining necessary approvals from local financial authorities, the deal has now been finalized.

Mirae Asset Securities plans to rebrand Sharekhan as Mirae Asset Sharekhan and leverage the synergies at the group level with Mirae Asset Global Investments. This rebranding effort is expected to enhance the company's market presence and operational efficiency in India.

The Indian financial market has been experiencing rapid growth, driven by economic reforms, a burgeoning middle class, and increasing foreign investment. With a large and young population, rising disposable incomes, and ongoing digital transformation, India is seen as a favorable alternative to China for growth opportunities. Mirae Asset Securities' acquisition of Sharekhan aligns with its global expansion strategy, aiming to diversify its portfolio and leverage growth opportunities in new markets.

The completion of this acquisition is expected to bring significant business synergies, including cost savings, increased market reach, enhanced product offerings, and improved operational efficiency. By integrating Sharekhan's established presence and customer base in India, Mirae Asset Securities aims to strengthen its market position and expand its service offerings.