KB Vietnam Securities officially launched
The brand "KB Securities Vietnam" was officially launched in the presence of guests and stock market regulators in Vietnam and Korea on January 29 in Hanoi, laying the premise for strong development in the future.
KB is known as Korea's leading financial institution with the largest customer base and the most extensive branch network in the country. The group wields a solid capital prowess and enjoys strong brand loyalty.
KB Securities Vietnam was officially launched on January 29 in Hanoi.
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The launch of the KB Securities Vietnam brand is an important part of KB's expansion plan in Southeast Asia, including Vietnam and Indonesia. In the coming time, KB Financial Group will continue to invest strongly in the Vietnamese market, contributing as well as proving the attractiveness of the market for foreign capital flows.
On the same day, KB Securities Vietnam also held the opening ceremony of its new head office and transaction office in Hanoi, bringing comfort and optimal services for customers and partners.
"We are focused on the development of KB Securities Vietnam as a precondition for the breakthrough and reaching important milestones for KB Group in Vietnam. We are committed to providing the best products and utilities to meet the needs of Vietnamese customers as well as connecting the needs of Korean investors in this potential market,” said Chun Byoung Jo, CEO of KB Securities (Korea).
“With abundant experience and strong support from KB Financial Group as well as KB Securities in Korea, we aim to make KB Securities Vietnam the leading securities company in Vietnam, matching KB's position in Korea."
Previously, KB Securities (Korea), a member of Korea’s KB Financial Group (KBFG), acquired 29.8 million shares of Maritime Securities Incorporation (MSI), equivalent to 99% of its charter capital, on October 6, 2017. The deal was reportedly worth VND756 billion (US$33 million).
By the middle of 2017, MSI’s total assets reached VND672 billion (US$29 million), of which margin loans and deposits accounted for VND373 billion (US$16.4 million). Notably, MSI also holds VND100 billion (US$4.4 million) of Maritime Bank’s shares. KB Securities is expected to transfer these shares to domestic partners after the acquisition of MSI, an anonymous source said.
As such, the actual fee spent for MSI may be lower than the mentioned fee of US$33 million, which is in proportionate to MSI’s current capital of VND500 billion (US$22 million). In 2016, MSI accounted for 3.5% shares in Hanoi Stock Exchange (HNX) and 1.7% at Ho Chi Minh City Stock Exchange (HOSE). MSI reported a net profit of VND22 billion (US$968,000) in 2016.
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