South Korea’s Financial Group Said to Acquire Stake in BIDV

KEB Hana Bank, a subsidiary of South Korea’s Hana Financial Group, is proceeding with a plan to purchase a stake in Bank for Investment and Development of Vietnam (BIDV), one of Vietnam"s largest state-run commercial banks, Business Korea reported.
KEB Hana Bank is going forward with the acquisition of a stake in BIDV, which has been seeking to raise capital through issuance of new shares, and is reportedly close to cutting a deal, a local financial official was quoted as saying.
The deal is pending approval from the State Bank of Vietnam, the country’s central bank, a source said.
Earlier this year, chairman Kim of KEB Hana Bank met with Vietnamese Deputy Prime Minister Vuong Dinh Hue, who is in charge of economic issues in the government. At the meeting, Kim emphasized cooperation between Hana Bank and BIDV, notably in fintech and mobile payment among others in Vietnam.
BIDV has been working on plans to offload around a 25% stake to foreign investors. The bank announced the plan in 2015 and said it was in talks with eight foreign investors over the share sale, but no deal has been closed so far.
The Hanoi-based bank is the only one among the three state-run joint stock commercial banks that has no overseas strategic investors. The government now holds a 95.3% stake in it.
The foreign ownership is capped at 30% in a Vietnamese bank while an overseas strategic investor could hold up to a 20% stake in a local lender.


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Từ khóa: BIDV, Hanoi, Vuong Dinh Hue
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