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EFG Hermes, Vietnam’s ACBS sign partnership agreement - Daily News Egypt

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EFG Hermes, Vietnam’s ACBS sign partnership agreement

Partnership provides clients access to Hanoi Stock Exchange, Ho Chi Minh City Exchange, UPCOM, says Khalpey


EFG Hermes, a leading financial services corporation in frontier emerging markets (FEM), signed a partnership agreement with Asia Commercial Bank Securities (ACBS) of Vietnam, the securities trading arm of Asia Commercial Bank (ACB), on Monday.

Under the agreement, EFG Hermes’ clients will receive on-ground access and intelligence to trade the Hanoi stock exchange, Ho Chi Minh City Exchange, and UPCOM, some of Asia’s most compelling capital markets.

“The new partnership is yet another manifestation of our strategy to widen our geographic footprint and identify new opportunities. While the past two years witnessed rapid expansion in African and Asian frontier markets with offices launched in Pakistan, Bangladesh, Nigeria, and Kenya, we are now entering Southeast Asia to complete our FEM setup. Through our partnership with ACBS, one of the country’s leading brokerage providers, EFG Hermes is now the first FEM investment bank to establish an on-the-ground presence in Vietnam, an increasingly important destination for global investors given the size of the market and its liquidity,” said Ali Khalpey, CEO of EFG Hermes Frontier.

Furthermore, Khalpey explained that the partnership will provide EFG Hermes’ clients access to the Hanoi Stock Exchange, Ho Chi Minh City Exchange, and UPCOM using ACBS’ platform.

On the other hand, Kato Mukuru, head of Frontier Markets Research at EFG Hermes, said that the firm is intensifying their involvement in Vietnam at a highly opportune moment, adding that the country’s dynamic export-oriented manufacturing sector is seeing considerable gains as more multinationals seek to relocate production away from China and toward Vietnam.

“This continuing shift comes against a backdrop of exchange rate stability and consistently rapid economic growth, which registered 6.79% in the first quarter of 2019, Vietnam’s second-strongest first quarter growth rate since 2009. Vietnam is seeing remarkable growth in exports, manufacturing, and foreign investment, while domestic demand remains robust as the middle class forms an ever-larger share of its 95 million-strong population,” he revealed.

Trinh Thanh Can, CEO of ACBS explained that the bank will work to ensure that this mutually beneficial partnership allows them to leverage EFG Hermes’ institutional heft, global network of clients, and capability to create lasting value, while furthering the institutionalisation of Vietnam’s capital markets.

https://dailynewsegypt.com/2019/05/20/efg-hermes-vietnams-acbs-sign-partnership-agreement/
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