2:24:23 PM | 26/12/2007
Local commercial joint stock banks are racing to build partnership with securities brokers in a bid to create favorable conditions for local players and tighten lending for securities trading from February 2008, state media reported Tuesday.
Asia Commercial Bank (ACB) has signed agreements with five stock brokers and is negotiating with 40 others to allow all investors who open accounts at ACB to make transactions at any of the 40 partners.
East Asia Bank (EAB) has also clinched contracts with five securities firms to provide investors with money management services.
Eximbank, Vietcombank and VP Bank have also reportedly negotiated with several stock brokers.
With services to keep stock deposits, banks will benefit from big idle capital sources at low fee. They also aim to provide other services for investors, such as consumption loans, savings, and cards using, EAB general director Tran Phuong Binh said.
Nguyen Ngoc Truong Chinh, deputy general director of Dong Duong Securities, said every securities firm can connect with only a few banks due to the high cost of system maintenance.
They will choose banks which have wide transaction networks, Chinh added.
Stock players will benefit from the new regulation which allows them to deposit money at any bank branch instead of bringing cash directly to securities companies as currently. (VietNamNet, Securities Investment)
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