Asia Times Online reports that Nintendo will found a new wholly owned subsidiary in Seoul, South Korea next week on July 7th with an initial worth of 25 billion won (roughly $26 million).

In the past Nintendo partnered with Korean company Daiwon Cl to distribute its products in South Korean. However, the distributor's unsatisfactory (or nonexistent) localization efforts and customer support has damaged Nintendo's image in the Korean market. With its new local Korean branch Nintendo will more effectively represent itself and its products (most notably Nintendo DS).