NU Online News Service, Feb. 27, 2004, 2:09 p.m. EST – Prudential Financial Inc., Newark, N.J., has completed the acquisition of 2 major Korean financial services companies from Korean regulators.[@@]
Prudential paid the equivalent of about $300 million for an 80% stake in Hyundai Investment and Securities Company Ltd. and its Hyundai Investment Trust Management Company Ltd. subsidiary from the Korean Deposit Insurance Corp. and the Korean Financial Supervisory Commission.
Hyundai Investment manages the equivalent of about $14 billion in assets. The trust company subsidiary has 510 sales representatives and a network of 90 branch offices.