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Banking & Finance

KB Securities acquires 99.4% of MSI

Released at: 14:31, 11/10/2017

KB Securities acquires 99.4% of MSI

Photo: MSI

South Korean company completes share acquisition in Maritime Securities Incorporated on October 6.

by Quang Huy

Maritime Securities Incorporated (MSI) has been renamed KB Securities Vietnam Co. after an extra-ordinary shareholders meeting on October 9 that saw important proposals approved to meet the needs of its new development strategy, including the election of new Board members and new Board supervisors, and additional legal representatives.

On October 4, the State Securities Commission (SSC) approved MSI removing its foreign ownership limit altogether. South Korea’s KB Securities then acquired 29.82 million shares, or 99.4 per cent of MSI, on October 6 for $33.2 million.

Three new Board members were unanimously elected: Mr. Cho Nam Hoon, Mr. Jun Sang Hoon, and Mr. Rho Seung Joon, replacing Mr. Nguyen Duc Hoan, Ms. Doan My Binh and Mr. Thai Anh Tuan.

Photo: MSI

The new Supervisory Board now consists of Ms. Dinh Thi Lien Huong, Ms. Pham Thi Bich Thuy, and Mr. Oh Cheol Wu, who take over from Ms. Ha Thi Bich Hanh, Ms. Nguyen Thi Minh Lan, and Ms. Bui Thi Bich Thao.

KB Securities is a wholly-owned subsidiary of the KB Financial Group (KBFG), South Korea’s leading financial institution with the largest customer base and the most extensive branch network. The group wields solid capital prowess and enjoys strong brand loyalty. KBFG and key member companies such as KB Kookmin Bank, KB Securities, KB Insurance, KB Card, and KB Capital have 33 overseas networks in 13 countries across Asia, Europe, Oceania, and North America.

Born from a merger of KB Investment & Securities and Hyundai Securities in mid-2016, KB Securities has owner’s equity of $3.7 billion and enjoys strong support and synergy from KBFG to enable stable and sustainable growth.

The deal to acquire MSI is part of the group’s plan to expand its operating network in Southeast Asia, including in Vietnam and Indonesia, and was advised by KOTRA, AWR Lloyd Consulting Limited, and Bae, Kim & Lee LLC.

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