VNStockNews.com - Citigroup had acquired a 9.9 percent stake in Vietnam’s Horizon Securities Corporation, subject to regulatory approval. With this investment, Citi will be among the first foreign financial institutions to partner with a local Vietnamese securities firm.
Founded in 2006, Horizon Securities is a privately-held Vietnamese firm headquartered in Ho Chi Minh City that provides brokerage and corporate finance services. Horizon Securities Corporation operates as a subsidiary of Horizon Capital Group.
According to Rodrigo Zorrilla, head of markets Asia-Pacific at Citi, “Our expansion in Vietnam is consistent with our broader goal of growing our franchise in the Asean (Association of Southeast Asian) market. We will continue to invest in our Markets business to help our regional and global clients who are increasingly looking to invest in Asian equities given the region’s growth prospects.”
Asia-Pacific is one of the most important growth markets for Citi globally. In the last three years, Citi Asia-Pacific has generated close to USD45 billion of revenues and USD15 billion in net income.
Since 2007, Citi has helped Vietnam issuers raise more than USD2.8 billion from the domestic and international capital markets, according to data from Dealogic.
