KB Securities closes acquisition of Maritime Securities Incorporation

October 10, 2017 | 15:38

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Three representatives of KB Securities Co., Ltd. (KB Securities) have been elected to the board of directors of Maritime Securities Corporation (MSI) after completing the purchase of a 99.4 per cent stake in MSI for $33.2 million.

The current board of directors of MSI

According to information published on MSI’s website, three people namely Cho Nam Hoon, Jun Sang Hoon, and Rho Seung Joon will replace Nguyen Duc Hoan, Doan My Binh, and Thai Anh Tuan, respectively. Regarding the board of supervisors, Oh Cheol Wu will replace Bui Thi Bich Thao.

Besides, after being taken over by the South Korean partner, MSI’s shareholders approved important proposals to implement the company’s new development strategy, change the company’s name and its brand identity, and supplement legal representatives. MSI is expected to be renamed KB Securities Vietnam Company.

Previously, on October 4, the State Securities Commission (SSC) approved MSI to altogether remove the foreign ownership limit.

Accordingly, KB Securities holds 29.82 million shares, equivalent to 99.4 per cent of MSI's outstanding shares, since October 6.

The deal to acquire MSI is part of the group’s plan to expand its operation network in Southeast Asia, including Vietnam and Indonesia.

"Following the vision of "Global Investment Bank," after careful consideration, we decided to acquire MSI, thereby officially entering the financial market of Vietnam. With our abundant experience as well as strong financial support, we aim to build and develop a strong securities company in Vietnam, providing the best products for our clients and connecting Korean investors with the Vietnamese financial market," said Cho Nam Hoon, MSI’s member of the board of directors cum managing director and head of Global Business Department of KB Securities.

KBC Securities is a wholly-owned subsidiary of KB Financial Group (KBFG), Korea’s leading financial institution with the largest customer base and the most extensive branch network. The group wields a solid capital prowess and enjoys a strong brand loyalty.

At present, KBFG, along with its key members including KB Kookmin Bank, KB Securities, KB Insurance, KB Card, and KB Capital, operates 33 overseas networks in 13 countries across Asia, Europe, Oceania, and North America.

KB Securities was born through the merger of KB Investment & Securities and Hyundai Securities in mid-2016. The company has equity of $3.7 billion and enjoys strong support and synergies from KB Group to enable stable and sustainable growth.