Singaporean sovereign wealth fund, GIC, and one of Japan’s largest financial services providers, Mizuho Bank, have purchased a 2.55% and 15% stake respectively in Vietnamese lender, Vietcombank.
The sale of the shares raised $265 million for Vietnam’s largest bank by market capitalisation. It said the purchase “creates a solid capital buffer for the bank to meet capital requirements under Basel II Accord,” in a statement.
Vietcombank chairman, Nghiem Xuan Thanh said: “This transaction not only represents an important milestone for the new co-operation between GIC and Vietcombank, but also the continued and committed support from our existing partnership with Mizuho.”
In November 2018, GIC and real estate giant CapitaLand teamed up to acquire Shanghai’s tallest twin towers – standing at 263 metres – for $1.89 billion.
The 50-50 joint venture with GIC was made through Raffles City China Investment Partners III, of which CapitaLand owns 41.7%.
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