Vietcombank has sold a stake representing 15 per cent of its outstanding shares to Japan's Mizuho Bank, a wholly-owned subsidiary of the Mizuho Financial Group, for VND$11.8 trillion (US$567.3 million) – marking the end of the bank's four-year-long search for a foreign strategic partner, as well as the largest stock acquisition deal in the nation to date.
Under the agreement, Mizuho Bank will subscribe to a new issue of 237.6 million ordinary shares in Vietcombank at about VND34,000 per share, significantly higher than yesterday's market price of VND27,400. It will also appoint one director to the Vietcombank management board.
Mizuho Bank will thereby become Vietcombank's sole foreign strategic shareholder and, together with its affiliates Mizuho Bank Ltd and Mizuho Securities Co, will offer Vietcombank technical assistance across its lines of business. Mizuho will send specialists to train Vietcombank staff and seek business collaboration opportunities for both parties.
The transaction is subject to regulatory approval, and the subscription price is expected to be paid by the first quarter of next year.
Speaking at the signing ceremony of the strategic investor agreement between the two banks in Ha Noi yesterday, Deputy Prime Minister Vu Van Ninh said the co-operation between the leading financial institutions of Viet Nam and Japan would benefit not only the two banks but also their countries' business communities.
Vietcombank chairman Nguyen Hoa Binh said the capital contribution and business co-operation with Mizuho would increase Vietcombank's competitiveness and bring more benefits to customers.
"I strongly believe that this landmark partnership will both take advantage of the potential of Viet Nam's fast-growing economy and strengthen the close relationship between our countries," Binh said.
Mizuho Bank president and CEO Yasuhiro Sato said Vietcombank had been a market leader in Viet Nam and he was pleased to forge this business alliance with a partner with such strong potential
"Japan and Viet Nam have formed a close relationship over many years of trade, investment and official development assistance," Sato said. "This alliance is more than simply an alliance between our two banks."
Mizuho would work to improve Vietcombank's services in the areas of corporate and retail banking.
Vietcombank, Viet Nam's fourth-biggest bank by assets, had assets at the end of June totalling approximately VND344.2 trillion ($16.5 million) and market capitalisation as of last Wednesday of VND55 trillion ($2.6 million).
Its core lines of business include commercial banking, foreign exchange and financial services for international trade. It also operates a domestic network of 74 primary offices, 303 branches and 1,700 ATMs nationwide.
Vietcombank has been a pioneer in the Government's programme to equitise State-owned commercial banks, and other State-owned lenders are seeking foreign strategic investors.
Shares of Vietcombank were listed on the HCM Stock Exchange in 2009.
The Mizuho Financial Group, with assets totalling $2 trillion, is one of the largest financial institutions in the world, offering a broad range of financial services including banking, securities, trust and asset management, credit card, private banking and venture capital through its group companies. With offices in more than 30 countries, including Viet Nam, the bank has offered clients both localised services and the extensive reach of a global business network.
(source: VNS)
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03/10/2011 11:07:24 AM | 