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Securities companies offering fee reduction to lure clients
Following Eximbank Vietnam’s announcement that it will list 880 million Eximbank shares (EIB) on the HCM City Stock Exchange (HOSE) shareholders have received letters from securities companies inviting them to deposit shares and offering lower transaction fees.
An Binh Bank’s Securities Company (ABS), for example, has offered the transaction fee reduction of 0.15-0.2 percent to clients who deposit shares at the company. Besides, clients have also been promised ‘valuable gifts’.
SJC Securities Company has also announced ‘special preferences’ applied to Eximbank’s shareholders. Clients, who deposit EIB at the company, will not have to pay fees for EIB transactions until November 30. Meanwhile, other investors will enjoy the low transaction fees of 0.09 percent for EIB transactions.
The Da Nang Securities Company has also announced fee exemption for those securities investors, who deposit EIB at the company until the end of November 2009.
Especially, Kim Eng (KEVS) has announced it will not collect transaction fees for EIB trading until the end of 2009 for Eximbank’s shareholders. The same policy has also been announced by Au Viet Company.
It is clear that the listing of Eximbank, operating in a very ‘hot’ business field – has triggered a competition among securities companies to lure clients.
It’s not the first time the stock market has witnessed securities companies reducing transaction fees on a massive scale. However, analysts say this is the first time securities companies have offered fee discounts to lure clients following the listing of a company.
Vietnamese analysts say securities companies, by offering fee discounts, are “setting a sprat (small fish) to catch a mackerel”
Huynh Anh Tuan, general director of SJC Securities Company, said SJC and other securities companies are trying to attract Eximbank’s shareholders because of big number of outside shareholders. Therefore, this will not only bring a high number of clients to securities companies, but also help advertise the companies.
An Eximbank’s shareholder, who received four invitations from four securities companies to deposit shares at their companies, said that she applauded the competition, since it can only bring benefits to clients.
vietnamnet, tp
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