JB Financial Group to take over a Morgan Stanley's Gateway Securities in Vietnam
JB Financial Group to take over a Morgan Stanley's Gateway Securities in Vietnam
  • Kim Min-jee
  • 승인 2019.12.16 10:28
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JB Financial Group Chairman Kim Ki-hong (Source = JB Financial Group)

JB Financial Group announced on December 16 that it has signed an contract to acquire 100 percent stake in Morgan Stanley Gateway Securities (MSGS), a Vietnam-based brokerage owned by global investment bank Morgan Stanley.

In 2006, which was founded ‘MSGS’ capital is located in Hanoi, Vietnam, and 3, 00 billion vnd (about 15 billion won) steadily each year as a Vietnam veteran, net profit.Securities firms.

Through the acquisition, JB Financial Group has entered the overseas market, followed by banks, Capital, and securities, and has established a new Southeast Asian financial belt based in Cambodia, Japan and Vietnam.

After Kim Ki-hong took office in April, JB Financial Group raised its ordinary stock capital ratio to 9.62 percent in July and exceeded its common stock capital ratio of 9.83 percent in the third quarter.

With the acquisition of the Vietnamese securities firm this time, it became the first regional financial group to have a comprehensive financial system encompassing banking, capital, securities and other financial sectors overseas.

This will increase the number of affiliates of JB Financial Group (including its grandchildren) to seven, and the group's non-banking revenue ratio is expected to increase in the future

The reason why JB Financial Group chose Vietnam to secure future growth engines is because Vietnam is expected to expand investment in real estate and infrastructure development based on stable economic growth of more than 6 percent a year. As a result, the demand for financial stocks such as real estate and PF is also expected to increase.

Through this acquisition, JB Financial Group is planning to focus on financial stocks related to real estate and infrastructure development in Vietnam and provide convertible bonds for local companies, bonds with warrants, bond issues, and M&A arrangements.

"The recent fierce competition in the domestic financial industry has led us to take over the Vietnamese securities firm to diversify the group's revenue sources and generate future profits," JB Financial Group Chairman Kim Ki-hong said. "We expect the inclusion of the securities firm will serve as a growth engine for the group's new leap forward."

Meanwhile, JB Financial Group acquired Phnom Penh Commercial Bank of Cambodia through its subsidiary Jeonbuk Bank in 2016 and established a local corporation in Myanmar through JB Woori Capital in earnest in the same year. In the case of Phnom Penh Commercial Bank (PPCBank), Cambodia, it was the first Korean financial institution to make inroads into Cambodia to post a net profit of 10 billion won for the first half of this year.

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