KB acquires Vietnamese securities firm for US$33mil

KB Securities is set to acquire Viet Nam’s Maritime Securities for about 37.8 billion won (US$33.16 million), according to news reports on September 27.

KB has reportedly signed a contract to acquire a 99.4 per cent stake in the firm. BKL, a Korean law firm, has been named as the deal advisor.

The acquisition is expected to be closed following regulatory approval from the Vietnamese authorities, which should take two to three months.

KB has been seeking to acquire a local securities company to expand its presence in Southeast Asia, including Viet Nam and Indonesia.

Currently, three Korean securities firms -- Mirae Asset Daewoo, NH Investment & Securities, and Korea Investment & Securities -- have set up their own Vietnamese units.

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