In late January 2007,United Overseas Bank (UOB) acquired a 10 percent stake in Vietnam’s Southern Commercial Joint Stock Bank for 30 million dollars. Around the same time,HSBC has agreed to double its stake in Vietnam’s Techcombank to 20 percent in an 85-million-dollar deal,pending government approval.
Now,Deutsche Bank plans to buy up to 20 percent of Vietnam’s Habubank,pending state approval,becoming the third foreign bank in a week to announce plans to increase its presence in Vietnam.
Further details:
- If approved,Deutsche Bank will become the largest shareholder in the Ha Noi Building Joint Stock Commercial Bank and be entitled to join its board of directors.
- Deutsche Bank will leverage its retail banking expertise to participate in the further development of the Vietnamese market.
- Both parties will cooperate in the areas of credit cards,wealthy clients and the development and distribution of investment products.
- Habubank,founded in 1988,has 21 branches with 560 employees providing retail and business services.
The banking community expects Vietnam to soon allow foreign shareholders to own up to 20 percent of joint stock commercial banks,up from 10 percent.
(Yahoo Finance Singapore (2/2/07)
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