FMO, Vietnam's Stock Broker Sign Credit Deal in Washington
Sacombank Securities Co., Ltd said it signed a US$10 million credit deal with the Netherlands Development Finance Company (FMO) to boost financial strength and diversify valued added services for its local clients.
Nguyen Ho Nam, CEO of Sacombank Securities Co. who signed the deal with FMO in Washington, the U.S. October 20, said with the deal, FMO will become a strategic shareholder of the stock broker which is to be privatized soon.
Formed in October of 2006 [when Vietnam’s stock market saw a boom], the stock broker, an affiliate of Vietnam’s largest joint stock commercial bank of Sacombank by the equity, has raised its registered capital to VND1.1 trillion to become the largest stock broker.
Its stock brokerage activities account for 10 per cent of the market’s value. Currently, Sacombank Securities Co has a staff of 150, 20 per cent of whom are internationally trained.
Sacombank borrowed US$9 million from FMO to invest in the real estate sector in 2006.
FMO was established in 1970 with the goals to support the private sector and to contribute to the structural and sustainable economic growth in developing countries and emerging markets in Asia, Africa, Latin America and Central and Eastern Europe. (www.vietstock.com.vn, SBS’s Web site, FMO’s website), SBS’s Web site, FMO’s website)
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