NH Investment & Securities has made a strategic equity investment of 142.3 billion won ($94.2 million) in Choice Equity Broking Private Limited, or CEB, the core brokerage subsidiary of India-listed financial group Choice International Limited.
The investment goes beyond a purely financial stake. NH Investment is seeking board representation and active management participation as part of a strategic partnership aimed at establishing a foothold in India and expanding cross-border financial services linking Korea and India.
NH Investment & Securities said it signed the strategic equity investment agreement with CEB on Thursday.
The firm said the deal was structured as a strategic equity investment with management participation — not a passive financial holding — designed to secure a strategic base in India and build a long-term cooperative foundation with a local financial institution.
Through the transaction, NH Investment will hold preferred shares in CEB, with a total stake — including common shares — of 32.2% at the time of investment.
"The ownership ratio may change depending on future conversion conditions," the brokerage said. "We plan to participate in management through board membership and other channels, building a substantive partnership that goes beyond a simple equity stake."
CEB is a full-service brokerage that has posted rapid growth on the back of a nationwide sales network and digital platform spanning India.
The firm serves 260,000 customers and offers a broad range of financial services, including retail and institutional brokerage, margin trading finance, wealth management, financial product distribution and a digital investment platform.
In the most recent fiscal year (April 2025 to March 2026), CEB recorded a net profit of 19.6 billion won and achieved a compound annual growth rate of 53.6% over four years.
The two companies plan to broaden cooperation across retail and institutional brokerage, wealth management and investment banking. They also intend to strengthen cross-border financial services connecting the Korean and Indian capital markets, offering investors in both countries new overseas investment opportunities.
The collaboration is also expected to expand beyond the two firms into group-level synergies. Choice International operates a range of financial affiliates, including a non-banking financial company, an asset management arm and an insurance brokerage.
NH Investment & Securities said the investment is significant because it represents a diversification in how the firm pursues its global business. "Rather than the conventional approach of establishing a local subsidiary directly or securing management control through a joint venture, we have chosen to take an equity stake in a prominent local financial firm and form a strategic partnership," it said.
Chief Executive Officer Shin Jae-wook said the investment would serve as an important milestone in strengthening NH Investment & Securities' global business portfolio. "Building on our partnership with Choice Group, we will combine the strengths of both companies to deliver differentiated financial services and develop sustainable long-term drivers of global growth," Shin said.
th5@heraldcorp.com
