Techcombank Raises Equity to US$157.7 Mln with HSBC 15 per cent Ownership
Technological and Commercial Joint Stock Bank (Techcombank) has raised its registered capital to VND2.5 trillion (US$157.7 million) from current VND1.5 trillion (US$93.7 million) by selling stake to HSBC, state media reported.
London-based HSBC Holdings Plc. has officially raised its ownership in Techcombank to 15 per cent from 10 per cent. HSBC accepted to pay US$33.7 million to acquire an additional 5 per cent stake.
With stake sale, Techcombank has become Vietnam’s first and sole bank with foreign strategic partner’s holdings of 15 per cent.
HSBC pledged to spend US$13.5 million to provide Techcombank with technical assistance and management experience in the next five years, helping the Vietnamese bank become the leading joint stock bank in Vietnam.
The banking giant also plans to boost its stake in Techcombank to 20 per cent if approved by the government.
A foreign bank is now allowed to hold up to 15 per cent stake in a local bank, and foreign ownership in a domestic bank is remained at 30 per cent. (Securities Investment)
Vietnamese
