JB Financial Completes Acquisition of Vietnamese Securities Firm... Third New Southern Expansion Following Cambodia and Myanmar

Gwangju Bank Subsidiary and Group's 7th Affiliate
Local Real Estate and Infrastructure Development Financial Brokerage

Gwangju Bank Headquarters

[Asia Economy Reporter Kim Min-young] JB Financial Group announced on the 22nd that it has received final approval from the financial authorities of both countries for the acquisition of Vietnam Morgan Stanley Gateway Securities (MSGS) and completed the payment for 100% of MSGS shares, incorporating the company as a subsidiary of Gwangju Bank.

According to JB Financial, the acquisition price was 19.9 billion KRW. JB Financial evaluated the merger and acquisition (M&A) as successful, with a purchase price 1.05 times the MSGS equity capital of 18.9 billion KRW. As a result, the number of JB Financial's affiliates increased to seven (including subsidiaries).

Through the newly acquired Vietnamese securities firm, JB Financial plans to focus on arranging financing related to local real estate and infrastructure development for domestic investors. They will handle convertible bonds (CB), bonds with warrants (BW), and corporate bond issuance arrangements for local companies, as well as M&A brokerage services.

JB Financial is actively expanding into Southeast Asian countries. In 2016, JB Financial acquired Phnom Penh Commercial Bank (PPCB) in Cambodia through Jeonbuk Bank, and in the same year, established a local corporation in Myanmar through JB Woori Capital.

JB Financial stated that it plans to expand new global businesses centered on key countries in the New Southern region.

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