VinaCapital invests 11 million USD in OCB

The Vietnam Opportunity Fund (VOF), managed by VinaCapital Group, invested 11 million USD in the Orient Commercial Bank (OCB), owning nearly 5 percent stake in the bank.
VinaCapital invests 11 million USD in OCB ảnh 1OCB currently ranks 17 out of 34 commercial banks in Vietnam in terms of total assets (Photo: ocb.com.vn)

Hanoi (VNA) - The VietnamOpportunity Fund (VOF), managed by VinaCapital Group, invested 11 million USD inthe Orient Commercial Bank (OCB), owning nearly 5 percent stake in the bank.

This investment is expected to help OCB diversify its services to targetedcustomer segments, including affluent individual clients and small- andmedium-sized enterprises.

Andy Ho, chief investment officer of VincaCapital and managing director of the VietnamOpportunity Fund, told enternews.vn that this investment was a rareopportunity to own a meaningful stake in a bank that had high lending andearnings growth.

However, the details of the purchase price or the number of shares VOF hasacquired from the deal have not been disclosed.

In August, VOF had also invested in Tasco Joint Stock Company and FPT Digital Retail Joint Stock Company, with 11 million USD beingpoured into each company.

Established in 1996, OCB currently ranks 17 out of 34 commercial banks inVietnam in terms of total assets. The bank has a compound annual growthrate (CAGR) of 23 percent, and expects earnings growth of approximately100 percent and 30 percent in 2017 and 2018, respectively.

The bank expects to list on the HCM Stock Exchange (HOSE) before the end of2019. Late in June, OCB received approval from the central bank to increase itsregistered capital from 4 trillion VND (176 million USD) to nearly 4.2 trillionVND via issuance of bonus shares.

VOF is an investment fund company founded by VinaCapital in 2003 with initialcapital of 10 million USD. Now, this number has increased to more than 20million USD. VOF’s profitability in the years from 2010 until now reached 42percent, contrary to the market loss of 18 percent.

This year, VOF implemented 25 private equity (PE) transactions, with a totalinvestment of 476.3 million USD.

Since the beginning of the year, VinaCapital has divested capital in a numberof real estate companies, in order to restructure investment categories to suitthe new situation.-VNA 
VNA

See more

NCSoft and VNGGames sign a cooperation agreement to develop products in Southeast Asia. (Photo: VNG)

More RoK’s game developers target Vietnam

Over half of Vietnam's nearly 100 million population being gamers and the country's competitive labour costs are among reasons for Korean gaming firms' expanding presence in Vietnam.

Representatives from the Vietnamese Embassy in the UK, LHR leaders, airline partners, and passengers at the anniversary event (Photo: VNA)

Vietnam Airlines marks 10 years of UK route operations

Vietnam Airlines launched its direct UK route in 2011, initially operating from London Gatwick Airport (LGW) before transitioning to Heathrow in 2015, improving connectivity to one of the UK’s major international hubs./.

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona. (Photo: VNA)

Cuban commerce official optimistic about bright future of Vietnam-Cuba cooperative ties

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona hailed Vietnam as Cuba’s second-largest trading partner in Asia and its top investor, spotlighting its foothold in the Mariel Special Development Zone via Viglacera. This zone, he noted, is set to become a pivotal hub for Vietnamese investment in the years ahead.

Imported cars seen at the northern port city of Hai Phong. (Photo: VNA)

Ministry proposes tax cuts for some imported cars

This initiative aims to diversify the supply of imported vehicles, foster competition in the domestic market, and align Vietnam’s tax policies with the evolving trends of the automotive industry.

Minister of Industry and Trade Nguyen Hong Dien and Deputy Prime Minister of the Republic of Belarus Anatoly Sivak sign the meeting minutes. (Photo: VNA)

Vietnam, Belarus unveil key solutions to boost trade

Vietnam and Belarus are set to deepen bilateral cooperation in all fields, particularly in economy-trade and science-technology, through their Intergovernmental Committee mechanism, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Honda Vietnam's new CEO, Sayaka Hattori (Photo: VNA)

Honda Vietnam has new female CEO

Sayaka Hattori, a Japanese national with over 25 years of experience in the automobile and motorcycle industry, was appointed as new CEO of Honda Vietnam on April 1.