Citi pairs with Vietnam’s Horizon Securities

Citi takes a 9.9% stake in Vietnam’s Horizon Securities as it further builds its Asean markets business.
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Photo: AFP</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP</div>

Citi announced on Friday that it has acquired a 9.9% stake in Vietnam’s Horizon Securities, subject to regulatory approval. Financial terms of the deal were undisclosed.

With this investment, Citi is one of the first foreign financial institutions to partner with a local Vietnamese securities firm. ANZ also has a 10% stake in a leading Vietnamese stockbroker Saigon Securities. 

According to Citi bankers in Vietnam, the American bank took its time searching for the “right fit” and a securities house that Citi felt was built on a solid foundation. There are accusations to be levelled against some of the securities houses in Vietnam that they play...

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