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.

 

Reddit makes a splash with spectacular stock debut

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

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

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

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

US Pushes for ByteDance to Sell TikTok, But China Likely to Refuse

Starbucks Ends Odyssey NFT Rewards Program, Shifting Focus to AI

Coinbase Faces Technical Woes Amidst Bitcoin Surge to $64,000

techbiz.network google apple meta violation to eu new digital law

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

The European Union (EU) is launching investigations into tech giants Apple, Google, and Meta (Facebook’s parent company) over concerns they …
techbiz.network chrome

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

Google Chrome is on the brink of initiating a seismic shift that threatens to reshape the very foundation of the …
techbiz.network google apple meta violation to eu new digital law

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

The European Union (EU) is launching investigations into tech giants Apple, Google, and Meta (Facebook’s parent company) over concerns they …
techbiz.network chrome

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

Google Chrome is on the brink of initiating a seismic shift that threatens to reshape the very foundation of the …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Vietnam Airlines' Heritage Guide

Unveiling the Heritage Guide: Vietnam Airlines’ Exquisite Travel Companion for Exploring Vietnam

On June 15th, Vietnam’s national airline, Vietnam Airlines, officially launched a new travel guide publication called “Heritage Guide” on all …
techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …
Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

Talks with Leaders, Ep8: 1st AI Doctor Assistant in Vietnam provides 90+% correct diagnosis within 5s

In this eighth episode, we’ll learn about VinBrain, a VinGroup subsidiary dedicated to developing AI and IoT technologies for …
techbiz.network blockchain meets metaverse

Talks with Leaders, Special episode: Blockchain meets Metaverse, featuring business leaders, investors, tech experts and global influencers

On November 14, 2021, the live webinar Blockchain meets Metaverse was successfully organized by TechBiz with the participation of …
techbiz.network Nvidia and Johnson & Johnson collaboration for surgery

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 …
techbiz.network google apple meta violation to eu new digital law

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

The European Union (EU) is launching investigations into tech giants Apple, Google, and Meta (Facebook’s parent company) over concerns they …

techbiz.network valentino joins metaverse

Valentino Joins the Metaverse: An Exciting Partnership with UNXD

Valentino, the iconic Italian fashion house, has announced its foray into the metaverse through a partnership with UNXD, the leading …

techbiz.network coinbase faced 0 balance woes while bitcoin surged to $64000

Coinbase Faces Technical Woes Amidst Bitcoin Surge to $64,000

Coinbase found itself in the midst of technical challenges as some users woke up to zero balances in their digital …

techbiz.network coinbase faced 0 balance woes while bitcoin surged to $64000

Coinbase Faces Technical Woes Amidst Bitcoin Surge to $64,000

Coinbase found itself in the midst of technical challenges as some users woke up to zero balances in their digital …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Abode by Stuarte Semple challenges Adobe

Abode: Artist Challenges Adobe’s Dominance with Lifetime Creative Software Suite

Artist and activist Stuart Semple has embarked on an ambitious project to challenge the dominance of Adobe, the corporate …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …

techbiz.network thread lost 82% users

Threads App’s Rollercoaster Ride: Plummeting 82% of Users Raise Concerns for Meta’s Social Experiment

In early July, Meta, formerly known as Facebook, unveiled its highly anticipated social media offering, Threads. The platform, described as …

techbiz.network job interview red flag phrase

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 …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …

techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …