Japan’s Daiwa to raise stake in Vietnam’s largest brokerage SSI: Nikkei

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Daiwa Securities Group will boost its stake in Saigon Securities Inc. from the current 10 percent to around 15 percent, the Nikkei Asian Review reported on Monday.
This will cost the Japanese brokerage “several billion yen” (1 billion yen is around US$8.86 million) and give it a greater say in management in Vietnam's largest securities firm, the news website said.
The two companies entered into a capital and business tie-up in 2007.
Last August Saigon Securities Inc., based in Ho Chi Minh City, announced that foreign investors can own 100 percent of the company from September 1, 2015, in line with the government’s efforts to boost investment in the stock market.
The Nikkei Asian Review reported on Monday that Daiwa will also buy into Malaysia's Affin Hwang Investment Bank, with an agreement likely to be reached as early as this month.
“The brokerage is expected to spend more than 10 billion yen for a roughly 20 percent interest,” the website said.

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