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Wednesday, June 26, 2024

Persistent pursuit of capital growth

By Linh Trang

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The competition among securities firms to boost their capital remained unabated throughout the last months of 2023. The capital hike hustle The competition among the top 10 securities companies to increase their capital showed no signs of slowing down in late 2023. In a move to bolster its investment in ACB Securities Co. Ltd. (ACBS), Asia Commercial Joint Stock Bank (ACB) decided to allocate an additional VND3 trillion in capital. This capital injection is scheduled for 2024 and is expected to propel ACBS into the top five securities firms in terms of charter capital. ACB’s decision came shortly after ACBS had completed procedures to raise its capital from VND3 trillion to VND4 trillion. The business plan for 2024, which includes adjusting up the company’s charter capital from VND4 trillion to VND7 trillion and appointing additional management personnel, reflects ACB’s expectations for ACBS in the coming year. ACB is not the only bank increasing its investment in its affiliated securities company. LPBank Securities Joint Stock Company (LPBS), in which LPBank holds a 5.5% stake, plans to propose a substantial capital increase from VND250 billion to VND3.88 trillion at its upcoming extraordinary general meeting of shareholders. LPBS intends to put a maximum […]
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