Warburg Pincus to Invest $370 Million in Techcombank after HSBC’s Exit

U.S.-headquartered private equity firm Warburg Pincus has agreed to invest more than $370 million in Hanoi-based Vietnam Technological and Commercial Joint Stock Bank (Techcombank), marking the largest private equity investment to date in the Southeast Asian country.
Warburg Pincus said it is investing in Techcombank through two separate legal entities managed by the private equity firm. The investment is subject to regulatory approvals.
“The Vietnamese banking sector is highly under penetrated with strong potential for outsized growth,” Saurabh Agarwal, a managing director at Warburg Pincus, said in a statement.
Meanwhile, the investment will help Techcombank raise its capital base in line with shareholders’ approval earlier this month, and proceed with growth plants.
Techcombank purchased over 172 million shares, equivalent to 19.5% stake, from HSBC last year after twelve years of partnership.
The deal would bring Warburg Pincus’s total commitment in Vietnam to more than $1 billion over the past five years.
The firm made its first investment in Vietnam in May 2013 when pouring $200 million into Vincom Retail, and another $100 million into the mall operator two years later.
Warburg Pincus in November 2016 reached an agreement with Vietnam-focus fund manager VinaCapital on establishing a $300-million joint venture to invest in and operate hotels in Vietnam and Southeast Asia.
The equity investment fund last month partnered with Becamex IDC Corporation to form a joint venture with commitment of at least $200 million to develop logistics and industrial real estate in Vietnam.


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Cùng dòng sự kiện
Từ khóa: Warburg Pincus, VinaCapital, Techcombank, Beamex
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Nguồn: bizlive.vn