Bank for Foreign Trade of Vietnam (Vietcombank) has fetched a hefty profit of some VND8.3 trillion, or around US$400 million, for selling shares to Japan’s Mizuho Corporate Bank (MHCB) as its strategic partner.

Vietnam’s second biggest bank in terms of market capitalization signed a strategic cooperation agreement with MHCB on September 30 selling 15% of its shares to the latter. The deal helps scale up Vietcombank’s chartered capital from VND19.6 trillion to VND23.174 trillion.

The number of Vietcombank shares acquired by MHCB is 347.6 million common shares, with each priced at VND34,000, totaling VND11.818 trillion, or about US$567.3 million.

The payment by the Japanese lender is set for completion early in the first quarter next year after a number of procedures get regulatory approval in the two nations.

This is the first investment of Mizuho in Vietnam and is the biggest one in Southeast Asia of Mizuho Financial Group, the second largest financial services group in Japan.

The Saigon Times Daily