November 11, 2019 / 12:34 PM / a month ago

S.Korea's Hana Bank completes $875 mln acquisition of 15% stake in Vietnam's BIDV

HANOI, Nov 11 (Reuters) - Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has completed the sale of a 15% stake to South Korea’s KEB Hana Bank for 20.3 trillion dong ($875.00 million), it said on Monday.

KEB Hana Bank’s parent Hana Financial Group said at the time the deal was announced in July that the BIDV stake would facilitate its entry into the Vietnamese market and secure sources for its mid- to long-term growth.

BIDV, Vietnam’s second-largest listed bank with a market capitalization of $6.09 billion, has issued 603.3 million new shares for the stake sale, it said.

Vietnam caps foreign ownership in local banks at 30%, but has allowed some overseas banks to open wholly-owned units. ($1 = 23,200 dong) (Reporting by Phuong Nguyen and Khanh Vu; Editing by Jan Harvey)

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