Securities firms are experiencing a notable upswing, outpacing traditional banks and their holding companies in South Korea’s finance sector, a highlight of recent market developments. Industry insiders reported that this shift marks a significant change in a field historically dominated by banks.
Among key players, Mirae Asset Securities has made headlines by surpassing Woori Financial Group, the parent company of Woori Bank, in terms of market capitalization. As of the latest figures, Mirae Asset Securities boasts a market cap of 27.22 trillion won (approximately $18.53 billion), placing it 27th on the KOSPI index, which ranks 841 firms. Notably, it is trailing behind KB Financial Group, Shinhan Financial Group, and Hana Financial Group, which occupy higher ranks with market caps of 55.66 trillion won, 45.44 trillion won, and 31.89 trillion won, respectively. Meanwhile, Woori Financial Group holds the 31st position with a market cap of 23.82 trillion won.
This development represents a first, as no securities firm has ever eclipsed one of the top four financial holding companies in market capitalization. An industry official pointed out the significance of Mirae Asset’s accomplishment, emphasizing the traditional advantages that bank-centered financial groups typically enjoy, including stable interest income and consistent high net profits. In contrast, the collective net income of the four major financial holding companies exceeded 18 trillion won in 2025, marking a record high for the sector.
In a similar vein, Korea Investment & Securities has emerged as a formidable competitor, projecting a net income of over 2 trillion won for 2025 after recording 1.67 trillion won in the first three quarters. This result positions it ahead of NH NongHyup Bank, which has reported a cumulative net income of 1.57 trillion won during the same period, falling short of its target of 1.83 trillion won for the full year.
Industry observers have noted that this trend of securities firms outperforming banks is a rarity, typically seen only during extraordinary economic circumstances, such as the Asian financial crisis in the late 1990s. Analysts attribute this upward trajectory to a buoyant KOSPI, which has recently soared past the 5,000-point threshold. This surge has resulted in a monthly trading volume exceeding 820 trillion won, leading to heightened brokerage commissions for firms in the sector.
In response to this evolving landscape, a public relations representative from one of the financial holding companies expressed a growing urgency amongst banking groups to transition away from banking-centric portfolios, recognizing that securities firms are currently seeing greater profitability. This sentiment reflects a broader concern within the banking industry to discover new revenue streams in anticipation of a post-mortgage lending environment.
