Mizuho to Become Vietcombank Partner
Date: 3 October Industry: Commercial bank
Target: Vietcombank Deal Type: Purchase of stake
Bidder: Mizuho Corporate Bank Ltd. Share%: 15%
Seller: - Deal volue (USD): 567.3 M
Details:
Under the deal signed in Hanoi, Mizuho Corporate Bank will buy 347.6 million new shares from Vietcombank for 34,000 dong a share.
The purchase makes Mizuho Corporate Bank the sole foreign strategic shareholder of Vietcombank, Vietnam’s largest listed bank by market capitalization. The Japanese lender is expected to make the payment for the share purchase in the first quarter of next year.
Mizuho Corporate Bank will offer Vietcombank technical assistance, training and business opportunities.”
Companies overview:
• Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is a Vietnam-based financial institution.
The Bank is engaged in the offering of commercial banking services for individual and corporate clients, such as account opening and credit card issuing. It is also involved in international clearing, foreign exchange dealing and money transfer.
Other activities of the Bank include documentary discounting, guarantee, clean collection, financial leasing and securities dealing.
As of December 31, 2010, it was a state-owned bank with three subsidiaries in Vietnam, two subsidiaries overseas, four joint ventures, two affiliates, one representative office in Singapore and 71 branches in Vietnam.
• Mizuho Corporate Bank, Ltd. is a financial institution registered with the Director of Kanto Local Finance Bureau No.6, and a member of Japan Securities Dealers Association, The Financial Futures Association of Japan and Type II Financial Instruments Firms Association.
