Citigroup has acquired a 9.9% stake in Vietnam's Horizon Securities, becoming the first foreign financial institution to partner with a local Vietnamese securities firm.
Founded in 2006, Horizon Securities is a privately-held Vietnamese firm that provides brokerage and corporate finance services. Horizon Securities operates as a subsidiary of Horizon Capital Group.
Citi Markets Asia Pacific head Rodrigo Zorrilla said the expansion in Vietnam is consistent with the bank’s broader goal of growing its franchise in the ASEAN market.
Citi country officer for Vietnam Brett Krause said the partnership with Horizon Securities further extends Citi’s Markets platform and gives the bank the ability to offer its clients better access to the Vietnamese capital markets through best-in-class equity-brokerage execution.
In Asia Pacific, Citi provides full equity coverage in 10 markets, including Australia, Hong Kong, Indonesia, India, Japan, Korea, Malaysia, Taiwan, Thailand and Singapore.
The transaction is subject to regulatory approval.