GIC buys stake
GIC
Singapore - Arab Today
Singapore sovereign wealth fund GIC will buy a 7.7 percent stake in Vietnam’s biggest bank, both companies said in a joint statement.
GIC signed a memorandum of agreement to buy 305.8 million new shares of Vietcombank.
Vietnamese President Tran Dai Quang, who is visiting Singapore, witnessed the signing of the deal,
estimated by Bloomberg News to be worth some $400 million in a company worth $6.9 billion.
Vietcombank, established in 1963, is Vietnam’s largest lender by market capitalization, the statement said.
The bank also plans to allow Japan’s Mizuho Financial Group to buy additional stocks to maintain its 15 percent holding, Vietcombank chief executive Pham Quang Dung told Bloomberg News. The Japanese banking giant in 2011 paid nearly $570 million for its stake.
Source: Arab News
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