Japan bank becomes VietinBank’s strategic investor
(VOV) - The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) signed their strategic investment and comprehensive cooperation contracts in Hanoi on December 27.
VietinBank sold 20 percent of its stocks to its strategic investor BTMU, a transaction worth nearly VND15,500 billion (US$743 million). It is the largest mergers and acquisitions in the history of the Vietnamese banking industry.
JPM Securities Asia Pacific Limited is providing consultations scheduled for completion in the 2013 fiscal year. VietinBank recently increased its charter capital to VND32,661 billion.
VietinBank CEO Pham Huy Hung confirmed that the choice of a foreign partner is part of the bank’s long-term development strategy.
Upon becoming a strategic shareholder, BTMU will coordinate with VietinBank to increase management capacity, control risk, train human resources, modernise technological infrastructure, and advance the bank’s competitive standing as it integrates into the global economy.
BTMU belongs to Mitsubishi UFJ Financial Group Inc and is the third largest bank in the world.