9:32:22 AM | 11/9/2007
Daiwa Securities SMBC Company, Ltd., a Japan-based wholesale securities firm, was granted license on September 6 to open a securities representative office in Hanoi to further expand its operations in Vietnam.
The new branch will operate as contact and market research office to promote cooperation projects in securities sector in Vietnam.
Daiwa’s representative office will also supervise the implementation of contracts between Daiwa Securities SMBC Company with the local economic organizations, and projects funded by the company.
Daiwa Securities SMBC is a joint venture between Daiwa Securities Group Inc., the second largest securities group in Japan, with 60 per cent stake and Sumitomo Mitsui Financial Group Inc. with 40 per cent stake. It is now one of the world's leading investment banks.
In July, Saigon Securities Inc. (SSI), the Vietnam’s leading securities company, sold one million shares to the holding Daiwa Securities Group Inc, raking in VND175.1 billion (US$11 million).
Vietnam has given operational permissions to 58 securities companies to date, compared with 13 companies licensed in 2005, 13 companies in 2004, 11 companies in 2003 and nine companies in 2002.
Foreign companies are expected to open more and more representative offices in Vietnam, recognizing potential opportunities in the developing stock market, and when HSBC and Citigroup, two world’s financial institutions, forecast the high growth of the market in the remaining months of this year. (Vneconomy)
Vietnamese
