During talks on August 11, representatives of the three companies discussed legal procedures and regulations governing an acquisition of shares in VietinBank Securities by Japanese investors. They reportedly reached an initial agreement on the deal and will continue discussions to finalise the details.

VietinBank Securities currently has 11 million shares available for sale to strategic partners, representing a value of VND110.66 billion (US$6.2 million) or about 12.3 percent of the company’s charter capital.

In addition to a strategic partnership, the three firms were also keen to explore the possible establishment of a fund management company to serve Japanese investments in Vietnam.

VietinBank Securities general director Phan Quoc Huynh said the Japanese firms would collaborate with the local brokerage to attract additional Japanese investors to the local market and support VieitinBank Securities in opening a representative office in Japan.