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Japan's SMFG to invest $1.5bn in Vietnam's VP Bank in Asia push

Japanese financial group bets on growing market to compete with rivals at home

VP Bank will become Sumitomo Mitsui's equity-method affiliate. Sumitomo Mitsui will send executives and others to the Vietnamese bank. (Source photos by AP, screenshot from VP Bank website) 

TOKYO -- Japan's Sumitomo Mitsui Financial Group is set to invest about 35.9 trillion Vietnamese dong ($1.5 billion) in a major bank in Vietnam. The group has been investing in the financial institutions of Asian countries that are expected to experience high rates of economic growth.

The investment will give Sumitomo Mitsui a 15% stake in the bank, making it effectively the largest shareholder.

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