Japanese securities company to raise stake in Saigon Securities

Japan ’s Daiwa Securities Group Inc. will raise its equity stake in Saigon Securities Inc. of Vietnam to around 10 percent from about 4.75 percent at present.

The second-largest securities group in Japan said on June 24 that the two companies agreed on the matter under a newly signed accord to strengthen their capital and operational ties so as to work more closely on business in the country.

''By establishing a strong alliance with Saigon Securities, which has a broad business network and expertise in the securities business in Vietnam, Daiwa Securities Group will be able to enhance its business in Vietnam , where economic growth is expected in the long run,'' it said.

Daiwa Securities and Saigon Securities signed a basic tie-up accord in July last year. In April this year, Daiwa bought an additional 3.5 percent stake to raise its stake to 4.75 percent.

VNA

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