The State Bank of Vietnam Wednesday has approved Singapore-based OCBC to buy 10 percent stake for around $15.7 million in the Hanoi-based Vietnam Commercial Joint Stock Bank for Private Enterprises, or VPBank, after consideration of the foreign bank’s profile. 

OCBC in future, intends to increase its share in VPBank to 20 percent to become the foreign partner holding the highest proportion of a Vietnamese commercial bank. 

OCBC experts have also researched the potential of the Vietnamese credit card market, the stock market, and the insurance sector to help VPBank develop its strategy to become the leading retail bank in the country. 

OCBC currently has 314 branches in 15 countries and is the oldest bank in Singapore with nearly 100 years of experience.  

VPBank focuses on consumer and small and medium-sized enterprises, and is currently the country’s 11th largest bank in terms of assets with a network of 31 branches and sub-branches 

Shares for VPBank are now being traded in the over-the-counter (OTC) stock market in Hanoi for around VND58,000 per unit. 

(Source: ThanhnienNews.com(28/9/06) 

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