GIC and Vietcombank Plans to Enter into Partnership
The Government of Singapore Investment Corporation plans to acquire a 7.73% stake in Vietnam’s largest bank Vietcombank. It plans to purchase 305.8 million new shares for the Commercial Bank for Foreign Trade of Vietnam. This investment will increase Vietcombank’s charter capital and help prepare for its implementation of BASEL II.
“The Government of Singapore Investment Corporation plans to acquire a 7.73% stake in Vietnam’s largest bank Vietcombank.”
This investment is GIC’s first direct investment in a commercial bank in Vietnam. GIC will also offer technical assistance and support to Vietcombank. Credit Suisse acted as placement agent and financial advisor to Vietcombank on this transaction
SC Bank for Foreign Trade of Vietnam, formerly known as Bank for Foreign trade of Vietnam, was established on 01/04/1963 from the Foreign Exchange Bureau (of the State Bank of Vietnam). Being the first state commercial bank chosen for pilot privatization by the Government, Joint Stock Commercial Bank for Foreign Trade of Vietnam officially came in to operation on 02/06/2008, after successfully implementing the equitization plan through IPO. Vietcombank (stock code: VCB) officially listed on the Ho Chi Minh Stock Exchange (HOSE) on 30/06/2009.
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