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KB Securities completes acquisition of Vietnam's Maritime Securities

South Korea's KB Securities Co. Ltd. completed its acquisition of Vietnamese brokerage Maritime Securities Incorporation, a spokesman at KB Securities told S&P Global Market Intelligence, confirming an Oct. 10 report by Yonhap News Agency.

KB Securities and the largest shareholder of Maritime Securities completed the transaction on Oct. 9 after obtaining approval from Vietnamese financial regulators on Oct. 5, the spokesman said.

The South Korean brokerage had agreed to acquire a stake of around 99% in Maritime Securities for approximately 35 billion won, two KB Securities officials told S&P Global Market Intelligence in September.

KB Securities is a unit of KB Financial Group Inc.

As of Oct. 9, US$1 was equivalent to 1,143.92 South Korean won.