SMBC terminates capital alliance with Vietnam Eximbank
It will liquidate its entire equity ownership in the bank.
Sumitomo Mitsui Banking Corporation is terminating its capital alliance with the Vietnam Export Import Commercial Joint Stock Bank, or Vietnam Eximbank.
SMBC and Vietnam Eximbank had earlier terminated their strategic alliance earlier in March 2022. SMBC has since entered into a business partnership with the Vietnam Prosperity Joint Stock Commercial Bank in May 2022.
“Since then, SMBC has been engaging in ongoing deliberations regarding the future status of our ownership stake in Vietnam Eximbank. As a result of those deliberations SMBC came to the conclusion that we will liquidate our entire equity ownership in Vietnam Eximbank,” the Japanese banking giant said in a press statement.
ALSO READ: Real-time cross border payments edges closer to reality with ISO 20022
SMBC said that it has decreased its equity ownership in Vietnam Eximbank to less than 5%.
Moving forward, SMBC said that it will continue efforts to further enhance its Vietnam growth strategy through collaborations with Vietnam Prosperity Joint Stock Commercial Bank.
How embedded finance is democratising the financial services experience for SMEs in Asia-Pacific