Maybank Kim Eng Doubles Its Charter Capital To VND615 Billion
Ho Chi Minh City, 6 May 2014 – Maybank Kim Eng Securities Limited Company announced today that it has doubled its charter capital from VND 300 billion to VND 615 billion. This is the second time that Maybank Kim Eng has raised its charter capital since it started operations in Vietnam in April 2008.
In addition to being the first securities firm in Vietnam that is 100% foreign owned since January 2014, this increase in charter capital is yet another important step for Maybank Kim Eng towards achieving its vision of becoming the leading securities company in Vietnam as well as a regional financial powerhouse.
Mr Nguyen Hoang Thien Truc, CEO of Maybank Kim Eng, said: “This increase in charter capital will enable us to expand our primary stockbroking business while at the same time enhance our underwriting service, all of which will help to strengthen our competitive advantage in the years to come. Being part of the Maybank Group, the biggest bank in Malaysia, has also enabled us to reap significant synergies which has helped to improve our investment banking and underwriting capabilities and the ability to offer cash management support. We are now much more equipped to compete in the capital market and to grow our investment banking revenue.”
Mr. Truc added: “In fact, 2013 had been a challenging year for Maybank Kim Eng as we worked to successfully complete our post-merger integration. However, we also saw it as an opportune time for us to build and strengthen our service processes and risk management mechanisms to be in line with international standards. Coupled with this recent increase in charter capital, we believe we are very well placed to efficiently and effectively serve our customers and to profit from the flourishing market.”
Maybank Kim Eng’s decision to double its charter capital is a demonstration of its commitment to the long-term development of its business operations in Vietnam as well as its firm belief in the potential of Vietnam’s securities market. As a further demonstration of its long-term commitment in Vietnam, Maybank Kim Eng has been working together with the country authorities on various fronts to support the development of the Vietnamese securities market. Most recently, it sent a delegation of senior experts to conduct a special training programme on derivatives securities for the staff of the State Securities Commission (SSC), the Stock Exchanges (SE) and the Vietnam Securities Depository (VSD). It is hoped that the knowledge and information shared would assist the authorities in building their legal and regulatory framework, trading systems, derivatives clearance and monitoring systems. The session which was held on 21 to 25 April 2014 was very well received by the participants.