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Sacombank Securities looks to expand abroad
Sacombank Securities Company (Sacombank-SBS) plans to open several overseas offices to boost its business with the first one early next year, according to a company official.
"We plan to open a securities company in Cambodia in early 2010 as the country is slated to inaugurate its stock market in January," the general director Nguyen Ho Nam told Viet Nam News.
Another securities company is planned for Laos, which is expected to open its first stock exchange in October 2010, according to Nam.
In the long term, he wished to expand a presence in major markets including Singapore and the US by establishing offices to attract capital to Viet Nam. He told a meeting on Tuesday his company would follow the investment bank model to improve services to customers both inside and outside Viet Nam.
Sacombank-SBS’s brokerage, investment bank, consultancy, market research and supervision components would benefit from the new model.
"We have established relations with famous investment banks in the world including Citibank, HSBC, Deutsche Bank, J P Morgan Chase, Mitsubitshi UFJ Capital and Daiwa Securities SMBC, whose experience we can learn from," said Nam. He added the relationship would also help in expanding product distribution channels.
He said his company was in the process of creating new products expected to be available before the year’s end to satisfy customers’ investment demands, but didn’t elaborate.
Investment banks perform three basic economic functions – providing capital for corporations and local governments by underwriting and distributing new issues of securities; maintaining markets in securities by trading and executing orders in secondary market transactions; and providing advice on the issuance, purchase and sale of securities and on other financial matters.
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