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Japanese bank buys 15-pct stake in Vietcombank

Japanese bank buys 15-percent stake in Vietcombank

Mizuho Corporate Bank, an affiliate of Japan’s Mizuho Financial Group, will buy a 15-pct stake in Vietcombank.
Mizuho Corporate Bank (MHCB), an affiliate of Japan’s Mizuho FinancialGroup, will buy a 15-percent stake in the Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank).

Undera contract signed in Hanoi on Sept. 30, the transaction, worth567.3 million USD, will be realised in the first quarter of 2012following approval by relevant agencies.

MHCB willbuy 347.6 million new shares issued by Vietcombank at a price of 34,000VND per share. The bank will appoint a representative to serve as amember of the Vietcombank board of directors.

MHCBwill become Vietcombank’s only strategic partner and provides technicalassistance services for the Vietnamese bank’s operations.

Speaking at the signing ceremony, Deputy Prime Minister Vu Van Ninhapplauded the cooperation between Vietcombank and Mizuho - two powerfulfinancial institutions of the two countries, saying this is veryimportant for improving the efficiency of Vietcombank’s operation inparticular and of Vietnam ’s economy in general.

By June 2011, Vietcombank posted nearly 344.2 trillion VND (16.5billion USD) in total assets and 55 trillion VND (2.6 billion USD) inmarket value.

Meanwhile, Mizuho is one of theworld’s largest financial service providers with a market value of 35.5billion USD and total assets of 2 trillion USD./.
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