techcombank-to-launch-brokerage-services

Techcombank to launch brokerage services

Vietnam's Techcombank is set to open broking and fund management businesses, pending regulatory approval.
Vietnam's Technological and Commercial Joint Stock Bank, better known as Techcombank, plans to open broking and funds management units.

The bank, which is 15% owned by HSBC, announced it secured initial approval from the central bank to establish two companies for stock broking and fund management. Provided it gets final regulatory approval from the State Securities Commission, the bank plans to start these operations in February.

The brokerage is expected to have registered capital of Vnd300 billion while the fund management firm will have Vnd40 billion.

VietnamÆs economy grew by 8.5% in 2007 -- the third consecutive year of above 8% growth and the fastest pace since the 9.3% growth recorded back in 1996....
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