Japan’s Mizuho invests US$ 567 mil. in Vietcombank

HCMC, Oct 3, 2011. Vietcombank, the nation’s largest listed bank by market value, has completed its four-year search for a strategic foreign investor by clinching a deal to sell a 15% stake for US$ 567.3 million to Japan’s Mizuho Corporate Bank Ltd.

The contract with Mizuho Corporate Bank Ltd., a wholesale-banking unit of Mizuho Financial Group Inc., will further boost the financial position of the Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank.

Mizuho’s investment, which is equivalent to VND11.8 trillion, will help raise Vietcombank’s chartered capital to around VND23.2 trillion.

Mizuho will buy 347.6 million new shares in Vietcombank for VND34,000 (US$ 1.63) a share. Vietcombank said in a statement that Mizuho would be able to appoint one person to Vietcombank’s board of directors.

The signing of this agreement came last Friday after Vietnam’s central bank cleared Vietcombank to sell a 15% stake to Mizuho last Tuesday.

Read more …