South Korea's JB Financial Group Co. Ltd.'s Kwangju Bank Ltd. agreed to buy Morgan Stanley's Vietnam-based subsidiary Morgan Stanley Gateway Securities JSC for 382.4 billion Vietnamese dong, The Investor reported, citing a regulatory filing.
The bank will also inject 600 billion dong into the Vietnamese brokerage.
JB Financial Chairman Kim Ki-hong said the acquisition of Morgan Stanley Gateway Securities would allow the group to diversify its revenue sources in the long run. The report came after Kim reportedly said in July that the group was seeking more M&A deals in Cambodia, Myanmar and Vietnam.
The acquisition is expected to take place in January 2020, subject to regulatory approvals in South Korea and Vietnam.
As of Dec. 13, US$1 was equivalent to 23,220 Vietnamese dong.