Ha Noi (VNA) – Singapore-based Morgan Stanley Holding Ltd, a branch of the US leading financial corporation Morgan Stanley, has inked a deal to buy a 48.33 percent stake in the local Gateway Securities Incorporation.
With a capital of 145 billion VND (9.1 million USD), the deal will also produce a new joint venture, Morgan Stanley Gateway JSC which will be able to offer enough securities services on the local exchange, including underwriting and consulting.
Stephen Roach, acting general director of Morgan Stanley in Asia, said that the cooperation with Gateway Securities Company would create opportunities to exploit potential markets like Viet Nam.
“With good securities services, local traders can move their investments in a positive direction. Thus, the equity market will become smoother and more stable,” Roach said.
The deal stipulates that the new joint venture will have a charter capital of 300 billion VND (18.8 million USD), instead of the previously stated 20 billion VND (1.3 million USD).
To Minh Huong, general director of Gateway Securities Inc, said: “The experience and success of Morgan Stanley will help us with business promotion as well as upgrading infrastructure for better customer service.”
Nguyen Doan Hung, vice chairman of the State Securities Commission, said that the cooperation with overseas financial organisations like Morgan Stanley would help local securities firms promote their competitiveness in the local market, as the number of securities firms was on the rise.
Another plan, establishing a joint venture between Morgan Stanley and State Capital Investment Corporation, has been delayed due to time constraints, according to an official from Morgan Stanley.
“However, Viet Nam is still a potential destination and we will carry on with other investment plans in Viet Nam,” he said.-Enditem
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