Sumitomo Mitsui Banking Gets Certificate to Acquire 15% Stake in Eximbank
The Japanese Sumitomo Mitsui Banking July 1 received a certificate from Eximbank Vietnam to acquire a 15% stake for $225 million to become an official partner of the Ho Chi Minh City-based bank, Vietnam News newspaper said.
With the stake sale, Eximbank has raised its equity to VND12.63 trillion ($765.4 million) to become the biggest joint stock bank in Vietnam so far, the paper said.
The Japanese bank has pledged to help the Vietnamese bank to develop retail banking services, share corporate governance and cooperate in providing loans for trade between Vietnam and Japan in the coming months, the paper added.
Eximbank will use the fund to expand its operations, upgrade technology and train human resource.
Eximbank reported a pretax profit of VND723 billion in the first half this year and expects a pretax profit of VND1.3 trillion this year.
Last year, the Vietnamese bank signed strategic deals with 21 domestic and foreign partners. (VNS)
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