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Vietnam’s Military Commercial Bank raises $74.6m from private placement
(Source: DealstreetAsia.com) Military Commercial Joint Stock Bank (MBB), one of Vietnam’s largest lenders with a market capitalization of close to $2
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Vietnam’s Military Commercial Bank raises $74.6m from private placement
03/03/2020
(Source: DealstreetAsia.com) Military Commercial Joint Stock Bank (MBB), one of Vietnam’s largest lenders with a market capitalization of close to $2 billion, has sold 64.3 million shares in a private placement to eight foreign funds for 1.72 trillion dong ($74.6 million).
The sale increased the bank’s foreign ownership to over 22.9 per cent from 20.9 per cent earlier.
The buyers include KIM Vietnam Growth Equity, which bought nearly 24 million shares, and KITMC Worldwide Vietnam RSP Balance Fund (2.65 million shares). Both are part of Korea Investment Trust Management Co., one of Korea’s leading fund management companies.
Other buyers were Canada-based fund manager Fiera Capital (nearly 15.4 million shares), TMAM Vietnam Equity Fund (nearly 10.9 million shares) and Franklin Templeton Investment (over 4 million shares).
In January, MBB had also sold 21.43 million treasury shares to the eight investment funds. According to Vietnamese brokerage SSI Securities Inc, which was the sole adviser for this deal, these transactions might add up roughly 2.4 trillion dong ($104 million) to MBB’s total equity.
In early February, the State Bank of Vietnam (SBV) had approved MBB’s proposal to increase its charter capital to more than 24.4 trillion dong from 23.73 trillion dong.
Headquartered in Hanoi, MBB is one of the largest Vietnamese joint-stock commercial banks with a focus on the retail and SME customer segment.
Last year, the bank reported a pre-tax profit of over 10 trillion dong, up 29.2 per cent year-on-year. According to SSI’s banking sector update report for Vietnam, the country’s banking sector soared 26.16 per cent in term of market capitalization in 2019.
Last November, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) completed the sale of a 15 per cent strategic stake to South Korea’s KEB Hana Bank for 20.3 trillion dong ($875 million). Vietnamese lenders who have attracted strategic investments from global players include Vietcombank (Mizuho Bank), Vietinbank (IFC, MUFG) and VIB (Commonwealth Bank of Australia and Eximbank – Sumitomo Mitsui).
24/04/2026
