Enter 2021.03.11 09:00
The traces of the old Daewoo Securities, which once occupied a dominant position in the Yeouido Stock Market, are completely disappeared. On the 9th, Mirae Asset Daewoo announced that it would change its name to’Mirae Asset Securities’.
Five years after the merger with Mirae Asset Securities in 2016, the sign of’Daewoo’ was issued, but the legacy left by Daewoo Securities is significant. Personnel from Daewoo Securities, so-called’Daewoo Man’, are active throughout the securities and financial industries.
The old Daewoo Securities’ brand power came from the company’s decades of stature.
Daewoo Securities maintained the No. 1 position in capital size, contract storage, number of stores, and manpower from the 1980s to the late 1990s before the IMF financial crisis. In particular, in 1986, in conjunction with the unprecedented boom of the stock market, it grew rapidly, positioning it at the top of not only securities companies but also domestic companies as a whole. At one time, it was ranked 4th in the market cap and was ahead of Samsung Electronics.
The company has maintained the’Daewoo’ brand despite the history of mergers and acquisitions and numerous crises. Since 1983, Dongyang Securities, a subsidiary of Daewoo Group, and Sambo Securities, the number one company in the industry, merged to become Daewoo Securities, the name Daewoo has never been abandoned.
Daewoo Securities retained its name even after it was acquired by the Korea Development Bank (now KDB Development Bank) in May 2000. In 2009, following the parent company that became’KDB Sangeun Financial Group’, the company started to change its name for the first time in 26 years, but it only changed to’KDB Daewoo Securities’ while maintaining the Daewoo name.
At that time, there were opinions within the company to adopt a different company name, such as KDB Securities. However, it is known that the opinion that Daewoo’s brand power should be maintained as it is considered prevailed.
An official in the securities industry said, “It was not as unrivaled as it used to be, but Daewoo Securities’ status was great even in the 2000s. “I recalled that time.
This official said, “At that time, Mirae Asset was only a small, small-scale, new Internet brokerage company, but considering the current situation, the years are free.”
◇’Daewoo Man’, a stock market and politician… 4 incumbent CEOs Daewooman
In the business world, people from the former Daewoo Group are often referred to as’Daewoo Man’. It refers to businessmen who took up important positions in various places after the group was disbanded while working at Daewoo. In stock markets, people from Daewoo Securities bonds are usually called Daewoo Man. Yeouido Daewooman is also active in various places in the securities industry.
Sohn Bok-jo, former chairman of Torus Investment & Securities (now DS Investment & Securities) is also considered a representative Daewooman. After working at Daewoo Securities since 1984, he temporarily moved to LG Investment & Securities, but returned to his hometown in 2004 and took over as president.
In addition, Jong-woo Lee, who led the research centers of five securities companies, including Hanwha Investment & Securities and IBK Investment & Securities, began social life at Daewoo Securities in 1989. Former Center Director Lee is well known by the nickname’Doctor Doom’, which means economic pessimists by warning of the collapse of the IT bubble in 2000 and the financial crisis in 2008.
Hong Seong-guk, a member of the Democratic Party, who joined Daewoo Securities as a public bond in 1986 and became president, is also a person who does not fall out when listing Daewoo Man. When Congressman Hong became president in 2014, the media also noted that he was the “first public bond president”.
A high-ranking official from Daewoo Securities’ public bond said, “As a person who has worked for Daewoo Securities for several decades, I am sorry that Daewoo’s name has been deleted.” Since there are very few companies, it seems like it is a natural step (even if the company name of Mirae Asset Daewoo is changed).”