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Vietnam Bank aims to raise US$700m selling majority stake

Saigon Commercial Bank, in talks with 6 investors, will be first bank to be majority owned by a foreign entity

Published Mon, Apr 24, 2017 · 09:50 PM
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Ho Chi Minh City

THE first Vietnamese bank granted government approval to sell a majority stake to a foreign investor could attract an investment of at least US$700 million.

Saigon Joint Stock Commercial Bank, the fifth-largest by assets, said it's in talks to draw that investment by selling a controlling stake to a sole foreign investor. The funds will help strengthen its financial products and speed up the resolution of remaining bad debt.

Saigon Commercial Bank, or SCB, plans to sell more than half of the bank at par value through the issuance of new shares, chief executive officer Vo Tan Hoang Van said.…

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