SSI Securities
Since 1999, SSI Securities has been a cornerstone in Vietnam’s young investment banking industry. Its 15 branches and transaction centres around the nation fuel financial-sector growth. SSI still leads in deals done, funds raised and profits earned.
Covid-19 shockwaves around the globe threaten to make capital just as scarce as investment opportunities. The more global uncertainty increases, the more Nguyen Ngoc Anh, managing director of investment banking, will have to compete for mandates.
Nor can Nguyen Hong Nam expect much of a honeymoon as SSI’s newly appointed CEO. When the board of directors announced Nam’s appointment in August, it separated the roles of CEO and chairman. Nam will focus on operations, while chairman Nguyen Duy Hung handles company strategy and product development.
The move represents progress toward international standards of corporate governance. That it’s coming from the biggest securities-industry player and the leading equities broker makes it all the more important. Any role these upgrades might play in prodding peers to act accordingly is a big plus for Vietnam Inc.
From June 1, 2019 to May 31, 2020, SSI closed multiple transactions worth $1.3 billion in equity capital markets, debt capital markets and mergers and acquisitions. It earned a $39 million net profit in a rough global market in 2019, double that of its nearest competitor.
Notable deals include the sale last year of $100 million treasury shares for national gas company Petrolimex and a $86 million private placement for MB Bank earlier this year. In 2019, SSI led a $124 million certificate of deposit transaction for Home Credit and $109 million of straight bonds for Asia Commercial Bank. M&A deals in 2019 included a $22 million one between insurers HDI Global and PVI.
Not surprisingly, deal flow has dried up virtually everywhere in 2020. But when things start to return to normal, bankers at SSI can expect to be among the first to receive phone calls.