VietinBank unveils 2 foreign partners

Collaboration with IFC and Bank of Nova Scotia will give lender expertise in its global expansion.

VietinBank's General Director Pham Xuan Lap said once VietinBank officially receives Vietnam's government approval, talks with the selected partners will begin on prices and terms of stake acquisition. Acquisitions are expected to be finalised in the second quarter, he added in a report in Vietnam News.

Among the two chosen partners, IFC was known as an experienced investor that previously partnered with Sacom-bank, a highly-capitalised commercial bank listed on the HCM City Stock Exchange.

The IFC could also provide consultation on governance and technical systems so as to increase global integration, said Nguyen Van Chien, an independent analyst of banking stocks.

On the other hand, the partnership with Nova Scotia will bring the local bank opportunities for international expansion, Chien said.