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Vietnam Eximbank to invest more in brokerage

Fri Jan 11, 2008 3:25am EST

Stocks

   

HANOI, Jan 11 (Reuters) - Vietnam Export Import Commercial Bank (Eximbank), 15 percent owned by Sumitomo Mitsui Financial Group Inc (8316.T), will increase its stake in a domestic stock broker, the central bank said on Friday.

The unlisted Ho Chi Minh City-based bank, Vietnam's eighth-largest lender by assets, would raise its stake in Viet Dragon Securities Co to 18.1 percent from 9.9 percent, the central bank said in a statement.

Last year, Sumitomo Mitsui Financial Group Inc, Japan's third-largest bank, bought a 15-percent stake in Eximbank for $225 million.

Eximbank's assets soared 86.5 percent between the end of 2006 and last November to 34.03 trillion dong ($2 billion). ($1=16,105 dong) (Reporting by Ho Binh Minh; Editing by Michael Battye)



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