South Korean financial firm JB Financial Group has agreed to acquire Morgan Stanley Gateway Securities (MSGS), a Vietnamese brokerage that is part of American investment bank Morgan Stanley.

MSGS is headquartered in Hanoi and set up in 2006. Under the agreement, JB Financial entered into a sales and purchase agreement to buy a 100% holding in MSGS.

The latest deal will make JB Financial the first financial group in the region to incorporate banking, capital, and securities in its network.

It will also boost JB Financial’s subsidiary count to seven. The firm’s other affiliates are Jeonbuk Bank and Kwangju Bank, among others.

With the deal, JB Financial aims to establish a new Southeast Asian financial belt in Cambodia, Myanmar as well as Vietnam.

Recent deals at Morgan Stanley

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In May 2019, Morgan Stanley picked a minority stake in French asset manager Tikehau Capital Advisors.

This February, Morgan Stanley announced the acquisition of Solium Capital, a Calgary-based employee stock plans manager in a deal worth around C$1.1bn ($900m).

Meanwhile, in July this year, Morgan Stanley Expansion Capital, the private investment platform within Morgan Stanley Investment Management, sold its interest in DocuWare to Ricoh.

DocuWare, where Morgan Stanley Expansion Capital first invested in 2012, provides document management and workflow automation software.