Citi buys into Vietnam brokerage

Citigroup Inc. took a stake in a Vietnamese brokerage firm, betting that once the economy's rampant inflation slows, foreign investors will flock back to the communist country.

The New York bank signed a deal Thursday to buy a 9.9% stake in Horizon Securities Corp. for an undisclosed amount, becoming one of a few foreign firms to own a stake in a local broker. Others include Japan's Daiwa Securities Group Inc. and Morgan Stanley.

Citi's purchase comes at a time when Vietnam's economy is floundering. Inflation is running around 20%, a level the World Bank has labeled "intolerable," ...

THE Wall Street Journal

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