Samsung Group Vice Chairman Lee Jae-yong met with CITIC Group chairman Chang Zhenming on March 25 to discuss cooperation in the financial sector.
The CITIC Group is an investment company with assets of approximately US$474.73 billion run by the Chinese government. It was listed on the Hong Kong Stock Exchange in September last year.
Samsung Securities has worked together with CITIC Securities to share research data, exchagen private bankers, and collaborate in investment banking. Hotel Shilla President Lee Bu-jin is one of the group’s outside directors.
The two groups are expected to expand their cooperation in the financial industry to cover the exchange-traded fund business, fintech, and many more. “Samsung Securities has accounted for more than half of the stock trading in China since the implementation of the Shanghai-Hong Kong Stock Connect in November last year,” Samsung explained, adding, “Our close cooperation with the CITIC Group will help us solidify our market leadership in China.”
In the meantime, Vice Chairman Lee Jae-yong is focusing on how to develop his company's fintech business having the form of Samsung Pay as of now. He visited a couple of U.S. credit card companies late last month, and Samsung also acquired LoopPay last month in this context. In addition, he recently met with PayPal founder Peter Thiel in Korea, and invited the presidents of Chinese and Japanese insurers to have dinner five months ago.