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| Mirae Asset Financial Group founder Park Hyeon-joo |
Mirae Asset Financial Group is enjoying robust growth abroad as its overseas operations are expected to post record high earnings of over 130 billion won ($107.4 million) in the first half of the year, the group said Tuesday.
In May 2018, Mirae Asset Financial Group founder Park Hyeon-joo stepped down from the group's chairman post to become a global investment strategy officer for Mirae Asset Daewoo, the group's brokerage arm and the nation's largest securities firm by assets.
Park has since stressed the importance of the group's overseas businesses as its future growth engine to overcome Korea's saturated financial market. Under Park's leadership, the group said it has outperformed its entire 2018 earnings within six months this year.
"Mirae Asset Financial Group posted a 135.1 billion won net profit in the overseas sector last year. The group's first half earnings are expected to reach 130 billion won this year," a Mirae Asset Financial Group official said.
Mirae Asset Daewoo led its outstanding earnings overseas.
According to the Financial Supervisory Service, Mirae Asset Daewoo posted an 87.2 billion won net profit overseas in the first half of the year. The figure also outperformed its entire 2018 overseas earnings of 84.5 billion won.
"The nation's exports have been deteriorating for six months since December due to various unfavorable external factors including Tokyo's export curbs on semiconductor-producing materials and the U.S.-China trade row," the official said.
"Mirae Asset Financial Group managed to achieve the record high earnings from the overseas sector in such a critical moment."
Mirae Asset started strengthening its strong overseas presence by acquiring the current Mirae Asset Shanghai Tower in 2006. It then acquired the world's largest golf equipment and apparel brand Titleist in 2011, and invested in the world's largest drone maker DJI last year.
The group spurred its overseas businesses since the merger between Mirae Asset and Daewoo Securities in 2017.
It recently decided to sell its T8 building in Frankfurt for 520 billion won. Under the decision, the group is expected to achieve about a 160 billion won profit margin because it acquired the building for 360 billion won in August 2017.
