SEOUL -- South Korea's largest internet company Naver is laying the grounds for becoming an online financial services provider by swapping its treasury shares with Mirae Asset Daewoo, the nation's No. 1 brokerage house.
Naver acquired a 7.1% stake in Mirae for 500 billion won ($439.3 million) after the market closed on Monday. With the deal, the internet company has become the third-largest shareholder of the securities company. Mirae also invested the same amount of money in Naver for a 1.7% stake.
