Many Banks Open Securities Companies

The securities business attracts many banks to open brokerage companies. (Photo: T.C)

Last week, the State Bank of Viet Nam (SBV) issued decision No. 1576/QĐ-NHNN, allowing the Viet Nam Commercial Joint-stock Bank for Private Enterprise (VP Bank) to set up a brokerage arm under the name of VP Bank Securities Limited Company.

VP Bank Securities has a chartered capital of VND 50 billion, and is wholly-owned by VP Bank. The firm will provide brokerage services, proprietary trading, underwriting, financial consulting and investment consulting. VP Bank will apply to the State Securities Commission (SSC) for an operations license and join the market soon.

In early August, SBV permitted the Viet Nam International Commercial Joint-stock Bank (VIBank) and the An Binh Commercial Joint-stock Bank (An Binh Bank) to set up their securities subsidiaries. The VIB Securities Limited Company (VIBS) and the An Binh Securities Joint-stock Company (ABCS) have initial chartered capitals of VND 50 billion each.

According to SSC, there are currently 15 brokerage firms in operation on the market. Viet Nam’s stock market is expected to swell to over 20 brokerage firms by the end of this year.

Related Articles:
Rushing to Set up Securities Firms
International competition: What Local Banks Need to Do to Navigate Choppy Waters
First Bank to Provide Loan for Buyers of Imported Used Cars
An Binh Bank Introduces New Operational Model

Reported by Tuong Chau

Other news