SMBC Nikko Securities fully divests from PetroVietnam Securities

It is estimated that the Japanese investor has earned about VND88 billion ($3.59 billion) after divesting capital from PSI.

In February 2011, SMBC Nikko Securities spent VND133.7 billion (nearly $6.9 million) to buy its stake in PSI at a price of 15,000 VND (61 US cents) per share. SMBC Nikko Securities was the largest shareholder in PSI for a decade.

After nearly 12 years of investing in PSI, SMBC Nikko Securities has yet to receive any dividends, with the Japanese company estimated to have lost more than 34 per cent in that time.

SMBC Nikko Securities Inc (formerly known as Nikko Cordial) was established in 1918 and is a wholly owned subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC).

At the beginning of this year, SMBC divested from Vietnam Export Import Commercial Joint-Stock Bank (Eximbank) after 15 years of their strategic alliance.

In May 2022, SMBC signed a MoU with Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) and in March this year, an agreement to acquire a 15 per cent equity stake in VPBank was reached.

SMBC hopes to further strengthen its growth strategy and contribute to the further development of the financial industry in Vietnam through its business partnership with VPBank.

Sumitomo Mitsui Banking Corporation (SMBC) has inked a deal to form a capital alliance with Smart Net Trading Service JSC (SmartNet) with the purchase of shares valued at $9.36 million.

Sumitomo Mitsui Banking Corporation (SMBC) has divested from Vietnam Export Import Commercial Joint Stock Bank (Eximbank) after 15 years of strategic alliance.

At an investor-update meeting on May 18, Luu Thi Thao, deputy general director of VPBank, revealed that the bank has received a 10 per cent deposit from Japanese partner SMBC, as part of the $1.5 billion private placement agreement signed between the two banks.