Korean bank buys into BIDV
KEB Hana Bank, a subsidiary of Korea`s Hana Financial Group, plans to acquire a stake in BIDV as part of its business expansion, reported Business Korea on March 9.
A local financial official told Business Korea that KEB Hana Bank was going forward with the acquisition of a stake in BIDV, one of Vietnam's four state-run commercial banks. The deal is nearly closed as the final step of the process was approved by the Vietnamese government, the report claimed.
KEB Hana Ban plans to acquire a stake in BIDV.
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In 2015 BIDV announced plans to sell a 15% stake to a strategic foreign partner and another 10% to an overseas financial investor, as reported by Reuters, a similar move followed by other major banking players like Vietcombank and Vietinbank.
The Ho Chi Minh City Stock Exchange-listed bank in 2015 merged with Mekong Housing Bank (MHB) and the new entity acquired the name and legal status of BIDV and took up its headquarters. After the merger, BIDV reported a 12% rise in its registered capital from VND28.11 trillion (US$1.30 billion) to VND31.48 trillion (US$1.44 billion).
BIDV is one of Vietnam's four major government-run commercial banks. It staged its initial public offering (IPO) in 2011 and was listed on the Ho Chi Minh City Stock Exchange in 2012.
KEB Hana Bank, together with its subsidiaries, provides commercial banking, trust banking, foreign exchange, and merchant banking services to retail and corporate customers in South Korea and around the globe.
On January 5, the Chairman of KEB Hana Bank met with the Deputy Prime Minister Vuong Dinh Hue, emphasizing the cooperation between Hana Bank and BIDV.
Vietcombank earlier also announced plans to offload a 10% stake to foreign investors in the first half of this year. Singaporean sovereign wealth fund GIC Private Limited and Japan's Mizuho Bank are likely to become significant shareholders in the bank.
Techcombank, meanwhile, also plans to list its shares on the HoSE this year and sell over 158 million treasury shares to foreign investors.
Orient Commercial Bank (OCB) signed a comprehensive cooperation agreement in 2017 with South Korea's Daegu Bank, preparing for further cooperation in the future regarding international payments and services to small- and medium-sized enterprises (SMEs), while LienVietPostBank is offering a stake of more than 10% to overseas buyers.
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