Hana Financial buys stake in Vietnamese brokerage
The headquarters of Hana Financial Group in central Seoul / Korea Times file
Hana Financial Investment said Monday that it had signed a deal to purchase a 35 percent stake in Vietnam-based brokerage BIDV Securities.
The 142 billion won ($113.8 million) deal makes Hana Financial the second largest shareholder of BIDV Securities, bolstering its presence in the Southeast Asian financial market.
As of last year, BIDV Securities was the 11th largest in the Vietnamese stock brokerage sector.
With the stake purchase, Hana Financial plans to renew the digital platform of BIDV Securities and push new businesses, such as asset management.
BIDV Securities is seeking to become a leading digital-driven securities firm by 2026, Hana Financial said.
Launched in 2011, BIDV Securities is an affiliate of the Bank for Investment and Development of Vietnam (BIDV), the only state-owned commercial bank that is designated by the Vietnamese State Securities Commission as the settlement bank for the Vietnamese stock market. (Yonhap)