JB Financial Group said on April 22 that it has received final approval from financial authorities of both countries (Korea and Vietnam) for its acquisition of the Morgan Stanley Gateway Securities (MSGS) in Vietnam.
JB Financial Group completed the payment for its 100 percent stake in MSGS. As of April 22, the company has incorporated the securities firm as a subsidiary of Kwangju Bank.
As a result, the number of affiliates of JB Financial Group will increase to seven, and the group's non-banking profit ratio is expected to increase in the long term.
The acquisition price is 19.9 billion won ($16.5 million / 380 billion Vietnamese dong). Industry sources say that it successfully led the M&A by purchasing the stake at the price of 1.05 times the MSGS' equity capital of 18.9 billion won.
JB Financial Group plans to focus on local real estate and infrastructure development-related financial operations for local investors through its newly acquired securities firm.
With the acquisition, JB Financial Group has established a "South-East Asian Financial Belt." JB Financial Group acquired Cambodia's Phnom Penh Commercial Bank through Jeonbuk Bank in 2016, and established a local subsidiary in Myanmar through JB Woori Capital in the same year.
In the future, JB Financial Group plans to continue expanding its new global business, focusing on key countries in the New Southern region.
