Mirae Asset Daewoo to Change Company Name to 'Mirae Asset Securities'

Expectations for Strengthening Brand Consistency and Enhancing Image

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo is planning to change its company name five years after its launch.

Mirae Asset Daewoo announced on the 9th that it will change its name to 'Mirae Asset Securities' to secure consistency and uniformity of domestic and international brands as the number one global investment bank (IB) in Korea.

The company explained that this name change is being promoted to strengthen brand power and enhance corporate image by using a unified CI domestically and internationally through the Corporate Identity Program.

Since its official launch in 2016 through the merger of Mirae Asset Securities and KDB Daewoo Securities, Mirae Asset Daewoo has grown into Korea's largest IB with a unique status, managing approximately KRW 351 trillion in customer assets, KRW 132 trillion in total assets, and KRW 9.2 trillion in equity capital.

In particular, last year, it became the first in the financial investment industry to achieve operating profit of KRW 1 trillion, and in its overseas business division, it also surpassed operating profit of KRW 200 billion for the first time, promoting a balanced profit structure and thorough risk management to leap forward as a bona fide global IB.

Currently, Mirae Asset Daewoo's overseas subsidiaries use the names Mirae Asset Securities or Mirae Asset Wealth Management.

A Mirae Asset Daewoo official stated, "This name change is part of the global brand strategy the group has been pursuing, unifying the company name," adding, "Through the name change, we aim to clearly convey Mirae Asset's unified CI to customers, recognize our social responsibility as an investment specialist group, and use this as an opportunity to further strengthen financial consumer protection."

At the Mirae Asset Financial Group level, this name change of Mirae Asset Daewoo is also expected to serve as an opportunity to further enhance global brand power.

Mirae Asset, which has achieved the most active overseas expansion results among domestic financial institutions, has established 33 base networks in 15 regions worldwide and, as of the end of 2020, achieved KRW 4.5 trillion in overseas equity capital and approximately KRW 320 billion in pre-tax profit, solidifying its status as a genuine global financial investment specialist group in both scale and substance.

In the global market, Mirae Asset's brand is already unified as 'Mirae Asset,' so the name change of Mirae Asset Daewoo is expected to also aid the group-level brand strategy.

This name change will be finalized through a resolution at the regular shareholders' meeting on the 24th.