A new front in the capital markets
Industry reports and Q1/2026 business results of securities companies affiliated with commercial banks show that, while previously competition mainly revolved around brokerage market share, number of accounts, or margin lending balances, now issuance advisory, capital arrangement, and investment banking (IB) are gradually becoming new competitive fronts.
According to a report by S&I Rating, TCBS, VPBankS, and HDBS (three securities companies that are members of the ecosystem of Techcombank, VPBank, and HDBank ) currently account for approximately 80% of the total investment banking revenue of the entire securities industry. Of this, TCBS accounts for 43%, VPBankS for 20%, and HDBS for 16%.
Notably, although investment banking (IB) activities currently account for only about 4.2% of the total revenue of the securities industry, this revenue is mainly concentrated in securities companies affiliated with banks. This indicates a clear shift in market competition from brokerage activities to the ability to arrange capital and provide financial solutions for businesses.
This trend is most evident at TCBS. According to the analysis report, in the first quarter of 2026, TCBS's investment banking revenue reached VND 526 billion, a 27% increase compared to the same period last year, while the value of corporate bonds advised on issuance reached approximately VND 28,000 billion. Excluding bank bonds, TCBS currently holds up to 86% of the market share for advising on corporate bond issuance.
Not only Techcombank , but many other banks are also accelerating their capital raising strategies through their member securities companies. For example, VPBankS currently accounts for about 20% of the total IB revenue of the securities industry and is among the leading investment banking companies. In recent years, VPBankS has continuously expanded its activities in advising on issuance, M&A, and capital raising for businesses, instead of focusing solely on brokerage.
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| The biggest advantage of securities companies affiliated with banks comes from their ability to leverage the customer ecosystem and resources of their parent banks. |
Meanwhile, HDBank is also expanding its presence in the capital market through HDBS. According to analysts, revenue from investment banking activities currently accounts for approximately 36% of the company's total revenue. The Q1/2026 financial report shows that HDBS's revenue is more focused on investment and capital market activities than brokerage.
A significant shift in the investment banking sector.
According to financial investment experts, the trend of commercial banks expanding into investment banking (IB) activities and arranging capital through member securities companies has been clearly evident for about 5-7 years now, since the wave of privatization of state-owned enterprises spread strongly, the capital market developed rapidly, and the demand for M&A from businesses increased.
For example, during the 2019-2020 period, securities companies affiliated with banks such as VCBS, MBS, and BSC intensified their investment banking activities through privatization advisory services, M&A, capital increases, and the development of digital investment platforms. This period is considered to have laid the foundation for the expansion strategies of many banks in the capital market in the following years.
However, experts also believe that while before the Law on Credit Institutions 2024 came into effect, the participation of commercial banks was mainly aimed at seizing opportunities from IPOs, equitization, and M&A, currently, the role of banks has expanded to include activities such as advising on bond issuance, arranging syndicated loans, arranging foreign capital raising transactions, managing assets, and providing comprehensive financial solutions for corporate clients.
According to S&I Rating's analysis, the biggest advantage of securities firms affiliated with banks comes from their ability to leverage the customer ecosystem and resources of their parent banks. Factors such as brand, cost of capital, customer data, and cross-selling capabilities are giving these firms a significant edge. This is also what helps them dominate the investment banking sector, even though they don't always lead in brokerage market share.
In fact, this trend is occurring in parallel with the expansion of the financial ecosystem of many commercial banks. Besides lending activities, banks are increasingly investing in digital banking, digital payments, asset management, insurance, and securities to increase service revenue. Developing open banking and data connectivity through Open APIs will be the foundation for the formation of digital financial ecosystems in the future. In this context, customer data is increasingly becoming the foundation for commercial banks to expand financial advisory and capital arrangement services. Through lending, payment, and cash flow management activities, banks gain a better understanding of the capital raising and business expansion needs of corporate clients, thereby developing advisory services for issuance and capital arrangement.
From a market perspective, VPBankS Research's 2026 securities industry outlook report suggests that investment banking is entering a recovery phase, driven by improvements in the corporate bond market and the demand for medium- and long-term capital mobilization from businesses. This development coincides with the recent trend of many commercial banks increasing capital for their member securities companies and expanding their operations in the capital market.
According to Dr. Nguyen Tri Hieu, a financial and banking expert, as the economy expands, the demand for medium and long-term capital will no longer be able to rely primarily on bank credit but will need to be shared more with the capital market. Dr. Hieu noted that the rise of securities companies affiliated with banks shows that many commercial banks are gradually expanding their role from credit providers to providers of comprehensive financial solutions for corporate clients.
Recent developments indicate that investment banking is gradually becoming an important component in the development strategies of many commercial banks. Along with digitalization and the expansion of the financial ecosystem, the race to secure funding is expected to become even more intense in the coming years.
Source: https://thoibaonganhang.vn/ngan-hang-tang-toc-cuoc-dua-thu-xep-von-183224.html
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