Wednesday, April 23rd, 2014
SEOUL, KOREA - A number of securities firm names will disappear from history for good. According to financial investment industry sources on April 22, Tongyang Securities, which was recently acquired by Taiwan's Yuanta Securities, asked its employees whether to change its corporate name. To this, more than a half respondents said they did want the name changed. The company is currently weighing several new names for their marketing effectiveness.
A Tongyang Securities official said, "By next month when financial regulators approve the largest shareholder qualification screening, we will decide on the name. Once we get shareholders' consent, we will implement the name change after consultation with Yuanta Securities."
Industry watchers said it is of absolute necessity for Tongyang Securities to change its corporate name as it was tarnished severely by the Tongyang Group scandal last year to regain consumer confidence. It remains to be seen whether the new name would have any association with Yuanta, the new controlling stake owner.
As for NH Nonghyup Securities that has just acquired Woori Investment & Securities, it is mulling the change of name to NH Wootoo Securities. Meanwhile, Hyundai Securities will soon need to change its name after finding a new owner. The name has been in use for almost 30 years since 1986. There are many other small-scale securities firms that would be liquidated or change ownership. At least some of the names will soon fade away from our collective memory.