Following HSBCs announcement on 2 August 2003 of the acquisition of 82.19 per cent of Asset Management Technology Korea Co., Ltd. (AM TeK), the Group has now increased its stake to 92.96 per cent in the fund administration company.
HSBCs acquiring entity, HSBC Asia Pacific Holdings (UK) Limited, has paid in cash a consideration of KRW1.95 billion (US$1.64 million) for the additional 10.77 per cent interest in AM TeK. HSBC has acquired the additional equity shareholdings in AM TeK from Korea Development Bank and Oriental Fire and Marine Insurance.
With KRW33 trillion (US$27.9 billion) of assets under administration at 30 November 2003, AM TeK is the largest fund administrator in Koreas growing unit trust and mutual fund market. AM TeKs client base includes a number of Koreas largest investment trust management companies, asset management companies and foreign fund managers.