, Vietnam

Vietinbank to sell 20% stake to Japanese bank

Vietinbank will selll a 20 percent stake to the Bank of Tokyo Mitsubishi UFJ for US$743 million.

The deal is the largest acquisition in the banking sector, said Vietinbank's chairman Pham Huy Hung.

It will also make Vietinbank the largest Vietnamese commercial bank in terms of capital and shareholder structure.

The Vietnamese lender said it had gained permission to issue new shares, to increase its charter capital to US$1.55 billion and equity to US$2.1 billion.

Bank of Tokyo Mitsubishi UFJ chairman Nobuyuki Hirano said the move would help his bank expand operations throughout Asia.

For more.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

MariBank launches remittance service for retail and business customers
Service is currently offered on an invite-only basis with 10 currencies and 13 destinations.
Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
Westpac appoints Kate Dee as chief people officer
She has been the chief people officer of Bupa Asia Pacific since 2018.
Retail Banking

Exclusives

Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
RCBC boosts rural presence with ATM Go
The service, which allows cardless transfers, is now available in all Philippine cities.
BCA superapp drives digital transaction growth
Inter-account transfers were the most widely used service, followed by virtual payments.