The Ho Chi Minh City-based brokerage recently announced that 11 individual shareholders had sold their 65 percent stake to Asam Asset Management Co. Ltd.

SJC, established in 2008, had accumulated losses of over VND21 billion ($907,000) as of June.

Last year its revenues were VND4.1 billion, up 24 percent from 2018.

Asam, which manages around $265 million in assets, established operations in Vietnam in 2018 with a focus on financial research and consultancy.

Last month South Korea’s Kwangju Bank fully acquired Morgan Stanley Gateway in Vietnam for VND382 billion and changed its name to JB Securities Vietnam.

There are now eight brokerages in Vietnam in which South Korean investors have a stake.