Hanwha acquires Vietnam's HFT Securities
By Kim Bo-eun
Hanwha Investment and Securities' building on Yeouido, Seoul
Hanwha Investment and Securities has acquired Vietnam's HFT Securities, the company said, Tuesday.
Hanwha said it received final approval from Vietnam's State Securities Commission for its takeover of the securities firm.
HFT Securities is an online stock trading company established in 2003. It is based in Hanoi and holds 5 billion won ($4.3 million) in capital.
Hanwha now holds a 90.05 percent stake in the company.
"Hanwha acquired the company as a means to find a new growth engine, in a fast-growing market," a Hanwha official said.
This is the first step Hanwha's securities arm has taken to establish a presence in Vietnam.
The company is focusing on building competence as an online securities firm there.
Among Hanwha Group's affiliates, Hanwha Life was the first to make inroads into the market in Vietnam. It established a subsidiary, which currently ranks eighth in terms of market share there.
Hanwha's asset management unit opened an office earlier this month in Ho Chi Minh City.