Maritime Securities Incorporation changed name
Maritime Securities Incorporation (MSI) officially changed its name to KB Securities Vietnam (KBSV), according to Decision from Vietnam’s State Securities Commission on January 17.
Previously, KB Securities (Korea), a member of Korea’s KB Financial Group (KBFG) acquired 29.8 million shares of MSI, equivalent to 99% of its chartered capital on October 6, 2017. The deal was reportedly worth VND756 billion (US$33 million).
Maritime Securities Incorporation now changed its name to KB Securities Vietnam.
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KB Securities is expected to transfer these shares above to domestic partners after the acquisition of MSI, an anonymous source said. As such, the actual fee spent for MSI may lower than the mentioned fee of US$33 million, which is in proportion to MSI’s current capital of VND500 billion (US$22 million).
In 2016, MSI accounted for 3.5% market shares in Hanoi Stock Exchange (HNX) and 1.7% at Ho Chi Minh Stock Exchange (HOSE). MSI reported its net profit of VND22 billion (US$968,000) in 2016.
KB Securities is a wholly-owned subsidiary of KB Financial Group (KBFG), 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 a strong brand loyalty. At present, KBFG with its key members such as KB Kookmin Bank, KB Securities, KB Insurance, KB Card and KB Capital, reach 33 overseas networks in 13 countries across Asia, Europe, Oceania, and North America.
During the 10 years of operations and development, KBSV has grown its size significantly and made improvement to the service quality through a team of professionally trained and dedicated staff. With abundant experience and strong financial support from KB Financial Group and KB Securities (Korea), KBSV promises to bring the best products and services to meet the needs of Vietnamese investors as well as connecting foreign investors to Vietnam Stock Market in the coming time.
As with the Company’s name change, KBSV will change its branding identity, upgrade all of its facilities and premises across the country to bring convenience and freshness to customers. It is expected that the official launching of the brand "KB Securities Vietnam" will be held in late January, 2018 with the participation of honored guests from both Vietnam and Korea.
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