Morgan Stanley (NYSE: MS) today announced that it has received regulatory approval from Vietnam’s State Securities Commission (SSC) to set up a domestic presence in Vietnam with local partner, Gateway Securities. The venture, in which Morgan Stanley will own a 49 percent stake, will be based in Hanoi and operate as Morgan Stanley Gateway Securities Joint Stock Company (Morgan Stanley Gateway Securities).
The Firm also announced that the new venture has received an underwriting license from the SSC. Following the financial closing of the transaction Morgan Stanley Gateway Securities will be able to conduct a range of services in Vietnam including investment banking advisory and underwriting, brokerage services, research and principal investing.
“Working alongside Gateway, we want to build a market leading financial services firm in Vietnam,” said Stephen Roach, Chairman of Morgan Stanley Asia. “The new platform will allow us to serve local and international clients, and to contribute to the country’s economic growth and the development of Vietnam’s capital markets.”
“We are delighted to be partnering with Morgan Stanley,” said To Minh Huong, CEO of Gateway Securities. “As Vietnam continues on its path of economic growth and international integration, benefiting from its demographics, natural resources and low cost base, we see significant business opportunities ahead. The combination of Morgan Stanley’s brand and global expertise and Gateway's local capabilities, will enable us to capitalize on these opportunities.”
Detailed terms of the transaction were not disclosed.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Gateway Securities Inc., founded in 2006, is a Vietnam-based securities brokerage, investment advisory and investment banking firm that provides a wide range of services to a diverse domestic and international client base.
Media Relations Contact: Nick Footitt, 852.2848.6847