Eximbank approved to sell 25% stake to foreign investors

Saturday, May 17, 2008
The governor of the State Bank of Viet Nam has approved the Export-Import Commercial Joint Stock Bank (Eximbank) proposal to sell 25% stake to four foreign investors, the State Bank of Viet Nam (SBV) announced on its website.
Accordingly, Sumitomo Mitsui Banking Corporation (SMBC), Eximbank’s strategic investor, will buy 15% stake of Eximbank. Three other investors, VOF Investment Ltd. of Virgin Islands, Mirae Asset Exim Investment Ltd., a member of the Mirae Asset Group of the Republic of Korea and Mirae Asset Maps Opportunity Viet Nam Equity Balanced Fund 1 (OVEBF) will own 5%, 4.5% and 0.5% stake of the bank respectively.
Eximbank and SMBC signed an agreement on November 27 2007 in Tokyo in which Sumitomo Mitsui will purchase 15% of Eximbank shares worth US $225 million to become the strategic partner of Eximbank.
SMBC has pledged to support and co-operate with Eximbank in retail banking services, corporate banking services for Japanese firms operating in Viet Nam, T/F services, experience sharing in corporate governance, including risk management in conformity with international standards, etc.