NH Investment & Securities has entered the final stage of obtaining approval as the third integrated money account (IMA) operator.
The Securities and Futures Commission under the Financial Services Commission reviewed and approved, at a regular meeting on the 11th, the agenda item designating NH Investment & Securities as a comprehensive financial investment business entity (IB) with paid-in capital of at least 8 trillion won.
NH Investment & Securities carried out a rights offering worth 650 billion won from NongHyup Financial Group last year and completed its IMA application in September of the same year. If it receives final approval within this month through a regular meeting of the Financial Services Commission (FSC), it will become the third IMA operator after Korea Investment & Securities Co. and Mirae Asset Securities.
An IMA is a system in which a securities company bears the obligation to repay principal and seeks revenue by investing customer deposits in corporate finance-related assets (70% or more).