Vietcombank Securities Arm Boosts Cap to VND700 Bln

Vietcombank Securities Co. Ltd. (VCBS), a unit of the Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank), announced that it scaled up its registered capital to VND700 billion (US$41.2 million) from current VND200 billion.

 

The company used its retained profits and more than VND200 billion funded by its parent lender, Vietcombank, to support the capital hike.

 

VCBS had earlier planned to boost the capital base to VND1 trillion but revised the target then due to the market’s difficulties.

 

This is also part of the company’s move to meet the requirement of the market regulator, under which each securities firm must have a capital base of VND300 billion to provide four services: brokerage, stock self-trading, underwriting and consultancy. (Securities Investment)