Vietnam's VPBank nears $1.4 billion stake sale to Sumitomo Mitsui Financial Group's unit

Vietnam Prosperity JSC Bank, known as VPBank, is reportedly in the final stages of a deal to sell a 15% stake to Sumitomo Mitsui Financial Group’s unit, SMBC Consumer Finance Co., for approximately $1.4 billion. The bank will sell more than 1 billion shares to the unit at a price range of 32,000 dong ($1.35) to 33,000 dong each. The deal is expected to be finalized later this month.

VPBank is one of the largest private banks in Vietnam, offering a range of services such as retail, corporate, consumer finance, and wealth management operations. It has total assets of more than 631 trillion dong as of December . The strategic sale of a 15% stake to a Japanese financial institution is aimed at replenishing the bank’s capital and expanding its operations further.

The investment by SMFG unit SMBC Consumer Finance Co. marks Japan’s latest foray into Vietnam’s banking sector, as Japan’s top banks are investing billions of dollars in Asia to cater to the region’s rapidly expanding middle class. In November , Sumitomo Mitsui agreed to buy an additional stake in the Philippines-based Rizal Commercial Banking Corp. for about $460 million.

The deal, once finalized, will enable VPBank to leverage Sumitomo Mitsui’s expertise in the banking sector, which could prove to be beneficial for VPBank’s growth trajectory in the long run. This is not the first time Sumitomo Mitsui has invested in a Vietnamese financial institution. In the past, the company had acquired a 49% stake in Vietnamese consumer lender FE Credit from VPBank.

The bank’s net income surged 55.6% to 18.2 trillion dong last year, and its shares have risen just over 2% this year, valuing the lender at around $5.2 billion and making it the fourth-largest in the country by market value. The sale of a 15% stake to SMFG unit SMBC Consumer Finance Co. is expected to further boost the bank’s market value and provide it with more capital to expand its operations.

The strategic sale of a 15% stake by VPBank to Sumitomo Mitsui’s unit, SMBC Consumer Finance Co., is expected to be a mutually beneficial deal for both parties. It will enable VPBank to leverage Sumitomo Mitsui’s expertise and expand its operations further, while Sumitomo Mitsui will be able to tap into Vietnam’s banking sector, which is growing rapidly.

Neo Gamma: The Next-Gen Humanoid AI Robot for Home Assistance

Google Maps to revolutionize navigation with Satellite features, eliminating dead zones

East Asia’s Growth Outpaces Global Average Amidst China’s Economic Challenges, Says World Bank

EU Probes Apple, Google and Meta for Potential Violations of New Digital Law

Massive Changes Coming to Google Chrome Threaten to Reshape the Modern Internet

Reddit makes a splash with spectacular stock debut

In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.

Vietnam’s Vingroup Makes Strategic Move with $1.6 Billion Sale of Vincom Retail Stake

In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.

NVIDIA and Johnson & Johnson MedTech’s AI Collaboration Revolutionizing Surgery

The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.

Alphabet-Apple Collaboration Unveiling Gemini AI for iPhone Innovation

Landmark Verdict: $60 Million Penalty Imposed on Mead Johnson in Enfamil Baby Formula Case

Devin AI: Pioneering the future as the first AI software engineer

In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.

Job Interview Red Flags: Phrases to avoid according to a former Google recruiter

When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.