[THE INVESTOR] KB Securities is set to acquire Vietnam’s Maritime Securities for about 37.8 billion won (US$33.16 million), according to news reports on Sept. 27.
KB has reportedly signed a contract to acquire a 99.4 percent 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 Vietnam and Indonesia.
Currently, three Korean securities firms -- Mirae Asset Daewoo, NH Investment & Securities, and Korea Investment & Securities -- have set up their own Vietnamese units.
By Alex Lee (firstname.lastname@example.org)