Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
JB Securities Vietnam officially launched
By Lee Min-hyung
By Lee Min-hyung
JB Financial Group said Monday it has changed the name of its Vietnamese securities arm to JB Securities Vietnam (JBSV), expressing its vision to turn the company into the group's major overseas investment banking subsidiary.
In December 2019, the Korean financial group's banking arm, Kwangju Bank, acquired Morgan Stanley Gateway Securities at $16.5 million, with a view to expanding its revenue streams into the emerging Asian economic powerhouse.
JBSV will focus on finding new investment sources particularly in the Vietnamese real estate market, and help investors here and abroad expand their businesses there, the group said.
“JBSV will spearhead the group's expansion in the Vietnamese financial market by helping JB's key subsidiaries find fresh investment opportunities there,” JBSV CEO Kim Doo-yoon said. “JBSV will also focus on the investment banking sector in Vietnam which has huge growth potential, and this will allow JB to diversify group-wide revenue sources there.”
The company will also be active in arranging mergers and acquisitions (M&A) there for potential investors and helping companies operating business there issue corporate bonds, JB Financial Group said.
After JB took over the Morgan Stanley subsidiary late last year, the group has been working on winning a license from the country's financial regulators to operate a financial business there.
JB Financial Group is one of Korea's mid-tier financial holding companies. Group Chairman Kim Ki-hong has reiterated his willingness to expand into Southeast Asian territories ― such as Vietnam, Myanmar and Cambodia.
The vision comes as part of JB's group-wide strategy to generate more profits in non-banking sectors. Last year, Kim also expressed his vision to push for aggressive M&As in the Southeast Asian market.
JB is building stable business footholds in Myanmar and Cambodia. The company expects the launch of the Vietnamese investment banking subsidiary to help build a more stable overseas business portfolio.