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Page 5 - Choo Hyeong Wook News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In-house experts make investment banks less necessary

By Park Jae-hyuk Large deals being conducted without the involvement of foreign or domestic investment banks are occurring more frequently in Korea, as a growing number of conglomerates here are recruiting investment banking experts, according to industry officials, Wednesday. The latest example is the agreement between SK Telecom and Amazon last month, regarding the latter s plan to acquire up to a 30 percent stake in 11st, the former s e-commerce subsidiary. The Korean mobile carrier established a taskforce to handle the international contract in October last year and held talks with the U.S. e-commerce giant without hiring a global investment bank.

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