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UBS Global Asset Management enters co-operation agreement with Vietnam's Vietcombank
In one of the first agreements of its kind in Vietnam, UBS Global Asset Management and Vietnam's Vietcombank (VCB) today signed a co-operation agreement at a ceremony in Hanoi. The agreement allows the institutions to enhance their existing relationship through greater sharing of technologies, knowledge exchange, training and increased product distribution through their respective platforms.
"We are delighted to enter such an agreement with Vietcombank," said John FRASER, Chairman and CEO UBS Global Asset Management and a member of the UBS Group Executive Board. "This agreement enhances what is already a strong relationship with VCB and demonstrate UBS's continued commitment to the development of Vietnam's markets."
Established in 1963 as a state-owned commercial bank, VCB is a leading financial institution in Vietnam, with the largest market share in the domestic loan market and foreign exchange. It has customer deposits in excess of USD5 billion.
Following a change in regulations in June last year, Vietnam investors are now able to buy offshore funds distributed by local banks. As a result of the cooperation agreement, UBS becomes a preferred third-party product supplier to VCB's distribution network, and VCB becomes UBS's preferred domestic distribution partner. In addition, VCB will gain access to UBS's investment capabilities and customized training in areas such as investment and risk management.
"Vietnam's economy is growing at 8% per year - a pace that is second only to China. The country is rich in natural resources and has an expanding manufacturing base. As Vietnam's capital markets evolve and wealth in the country increases, investors will be looking for ever more sophisticated investment products. The cooperation agreement signed today will allow both UBS and VCB to better meet the needs of their clients," said Christof KUTSCHER, Head of UBS Global Asset Management Asia Pacific.
UBS was awarded a Securities Trading Code Registration Certificate last year, which allows the firm to buy and sell Vietnam securities. UBS Investment Bank initiated research coverage on Vietnam stocks in 2006.
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