Vietcombank becomes strategic partner of smaller bank

Gia Dinh Commercial Joint Stock Bank (GiaDinhBank) yesterday in HCM City signed a strategic investment and cooperation agreement with Bank for Foreign Trade of Vietnam (Vietcombank) whereby Vietcomabank became the only strategic partner of GiaDinhBank after taking a combined 30% stake worth 150 billion dong of the smaller sized lender.

Vu Viet Ngoan, general director of Vietcombank said that his bank and its arm Vietcombank Securities Investment Fund Management Joint Venture Co (VCBF) co-invested in GiaDinhBank. Under it, Vietcombank picked up 11% stake of GiaDinhBank and VCBF took another 19%.

The event marked the first cooperation between two foreign trade commercial banks with an aim to upgrade each other’s competitive capacity.

 

Category: Finance