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Asia300

Vietcombank prepares to sell 10% stake to foreign investors

State lender says GIC, Mizuho among potential buyers

A woman rides a bicycle past a logo of Vietcombank, in front of the State Bank building in central Hanoi.   © Reuters

HO CHI MINH CITY -- The Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, is planning to sell more than 350 million shares, or a 10% stake, to foreign investors in the first half of 2018, following a green light from the government.

Vietcombank chairman Nghiem Xuan Thanh told reporters that the plan for the private equity placement had been approved by the relevant authorities. The shares will be issued by way of public auction or private placement to a limited number of foreign investors.

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