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Friday November 12, 08:36
Morgan buys KEB to expand South Korea business
(by Roy Deng)

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Morgan buys KEB to expand South Korea business The world’s securities giant Morgan Stanley is expected to buy KEB Commerz Investment Trust Management Co. as a part of its plan to expand its funds business in South Korea.

KEB, which has 3.5 trillion won ($3.15 billion) of assets, is a way for the second-largest securities firm over the globe to expand its business in South Korea, people familiar to the matter said.

Possible bidder for the transaction is Seoul-based Landmark Investment Trust Management Co., which is now under control of Morgan Stanley. The terms of the contract are expected to be discussed within weeks.

Landmark was bought by Morgan Stanley from Kookmin Bank in 2002. About 74% of its shares belong to Morgan.
The South Korea government has already sold Korea Investment Trust Management Co. and its parent brokerage to Dongwon Financial Holding Co. and has been in talks to sell Daehan Investment Trust Management Co. and its parent brokerage to Hana Bank.
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