The venture, in which Morgan Stanley will own a 49% stake, will be based in Hanoi and operate as Morgan Stanley Gateway Securities Joint Stock Company (Morgan Stanley Gateway Securities). Detailed terms of the transaction were not disclosed.
But the firm did announce that the new venture has received an underwriting license from the SSC. Following the financial closing of the transaction Morgan Stanley Gateway Securities will be able to conduct a range of services in Vietnam including investment banking advisory and underwriting, brokerage services, research and principal investing. It will join a busy market -- there are approximately 60 other licensed domestic securities firms.
"Working alongside Gateway, we want to build a market leading financial services firm in Vietnam," says Stephen Roach, chairman of Morgan Stanley Asia. "The new platform will allow us to serve local and international clients, and to contribute to the countryÆs economic growth and the development of VietnamÆs capital markets."
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