S.Korean securities firms race for IB market leadership

South Korean securities firms have upped the ante in a race to win the country’s investment banking (IB) market this year after aggressive business reorganization and management reshuffles late last year.

According to the Korean IB industry on Thursday, KB Securities Co. named Joo Tae-young, a veteran who made KB Securities a powerhouse in the country's debt capital market (DCM), the head of its IB Division and IB1 Group, late last year. 

With Joo’s appointment, Korea’s No. 1 DCM player is expected to drive the ascent of its equity capital market (ECM) business. Joo has led the DCM division, the IB1 Group, since 2023.

KB Securities has dominated Korea’s capital market deals, including equity and debt sales worth 1.06 trillion won and 13.47 trillion won, respectively, in the first nine months of last year.

KB Securities’ archrival NH Investment & Securities Co. has also revamped its IB business.

It promoted Lee Sung, head of its IB1 Business Division, to executive director from managing director during its year-end reshuffle last year. Lee has led NH Investment’s IB business to leap to one of Korea's top DCM players in the last 20 years.

NH Investment has also launched a global syndication team to boost the sale of foreign currency-denominated corporate bonds, and a new syndication division will be led by Cho Hyun-kwang, currently head of its Industry 3 Division.

Their smaller rival Meritz Securities Co. has also joined the race to enhance its IB business by recruiting outside talent. 

Kim Mi-jeong, executive director overseeing BNK Securities Co.'s IB business, is expected to join Meritz soon, accompanied by other seasoned IB experts, said industry sources.

Korea Investment & Securities Co. and Samsung Securities Co. have also shaken up their IB divisions.

Korea Investment named Deputy Managing Director Bang Han-cheol to replace Managing Director Choi Sin-ho to head its IB1 Division, responsible for initial public offering deals.

Bang has an impressive track record of leading IPOs at his previous and current companies.

Samsung Securities has promoted Lee Gi-deok, current head of its Capital Market Division, and Park Seong-ho, head of its M&A Division, to managing director in its end-of-year reshuffle.

Considering that Samsung Securities promoted only five executives to a managing director role this year, their promotions underscore the company’s focus on IB business.

Write to Hyun-Ju Jang at blacksea@hankyung.com
Sookyung Seo edited this article.