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RNS Number : 5304Z
EFG-Hermes Holdings SAE
20 May 2019
Press Release
EFG Hermes Signs Partnership Agreement with ACBS, the Securities
Arm of Vietnam's Asia Commercial Bank
The partnership will give EFG Hermes' clients access to
best-in-class execution in live market hours, deep local market
knowledge through award-winning research and enhanced corporate
access to the Vietnamese market.
Cairo, Ho Chi Minh City and Dubai 20 May 2019
EFG Hermes, a leading financial services corporation in Frontier
Emerging Markets, announced today the signing of a partnership
agreement with Asia Commercial Bank Securities (ACBS) of Vietnam,
the securities trading arm of Asia Commercial Bank (ACB on the
Hanoi Stock Exchange), one of the leading commercial banks in
Vietnam. 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 Frontier Emerging Markets (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, Chief
Executive Officer of EFG Hermes Frontier.
This collaboration with ACBS - one of Vietnam's premier
brokerages founded in 2000 concurrently with the launch of the
listed capital markets - with its market leading infrastructure,
solid financial position and a developed national network, will
enable EFG Hermes to explore associated benefits in liquidity, deal
flow and execution in one of the world's best performing
markets.
"The partnership will see the assembly of a Vietnam-based team
over the coming twelve to eighteen months to complement our
award-winning roster of research and trading professionals," noted
Khalpey. "This partnership will provide our clients access to the
Hanoi Stock Exchange, Ho Chi Minh City Exchange and UPCOM using
ACBS' platform, while expanding our Vietnamese research offering,
under our own brand name."
"We are intensifying our involvement in Vietnam at a highly
opportune moment," said Kato Mukuru, Head of Frontier Markets
Research at EFG Hermes. "The country's dynamic export-oriented
manufacturing sector is seeing considerable gains as more
multinationals seek to relocate production away from China and to
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."
Commenting on the new partnership, Trinh Thanh Can, Chief
Executive Officer of ACBS said, "We are looking forward to a highly
productive relationship with one of the leading financial services
corporations in FEM. ACBS will work to ensure that this mutually
beneficial partnership allows us to leverage EFG Hermes'
institutional heft, global network of clients and capability to
create lasting value, while furthering the institutionalization of
Vietnam's capital markets."
ACBS provides a wide range of financial services including
securities brokerage, investment banking, and asset management.
Since 2017 the firm has prioritized the development of securities
brokerage activities and expanded its branch network to 132 brokers
located across 8 of Vietnam's largest provinces.
-Ends-
About EFG Hermes
With a current footprint spanning twelve countries across four
continents, EFG Hermes started in Egypt and has grown over 30 years
of success to become a leading financial services corporation with
access to emerging and frontier markets. Drawing on our proven
track-record and a team of more than 4,400 talented employees, we
provide a wide spectrum of financial services that include
investment banking, asset management, securities brokerage,
research and private equity to the entire MENA region. In 2015, EFG
Hermes launched the NBFI Platform, EFG Hermes Finance, which will
overlook activities in the non-banking finance field through EFG
Hermes Leasing, Tanmeyah Microfinance, valU for instalment sale
services and EFG Hermes Factoring. This falls in line with the
Firm's strategy to focus on two main pillars: product
diversification and geographic expansion into non-MENA markets,
which has seen the firm establish a physical presence in Pakistan,
Kenya, Bangladesh, Nigeria, the United Kingdom and the United
States.
About ACBS
ACBS was founded in 2000 concurrently with the establishment of
the stock markets in Vietnam, making it one of the longest serving
and most experienced brokerages in the market. ACBS is a 100%
subsidiary of Asia Commercial Bank (ACB), one of the leading
private commercial banks in Vietnam. We have a wide reach across
Vietnam with our head office in HCMC and 10 branches in 7 large
provinces throughout the country - with an additional outreach of
350 branches through ACB. ACBS has a dedicated team of over 250
professionals providing clients with full range of services
including: brokerage, research and investment banking. In its over
18 years since establishment, ACBS has focused on building an
effective management system with the goal of sustainable
development and contributing to building transparent and
professional standards for the securities industry in particular
and the financial market in general
For further information about EFG Hermes, please visit
www.efghermes.com and stay connected with us:
Note on Forward-Looking Statements
In this press release, EFG Hermes may make forward looking
statements, including, for example, statements about management's
expectations, strategic objectives, growth opportunities and
business prospects. These forward-looking statements are not
historical facts but instead represent only EFG Hermes' belief
regarding future events, many of which, by their nature are
inherently uncertain and are beyond management's control and
include among others, financial market volatility; actions and
initiatives taken by current and potential competitors; general
economic conditions and the effect of current, pending and future
legislation, regulations and regulatory actions. Accordingly, the
readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which they are made.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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