PE funds to bid for 20% stake in Vietcombank
The Vietnamese government has put 20% stake in Vietcombank on the block, and private equity players are invited to bid for this estimated $500 million piece of asset.
Credit Suisse will run the auction, which will reportedly kick off with first-bid presentations on Monday, according to the Financial Times. The article notes that global private equity firms and sovereign wealth funds have been approached, as well as banks in Asia and the West.
Vietcombank, which was previously called the Joint-Stock Bank for Foreign Trade of Vietnam, is Vietnam's third-largest bank by assets and is currently 90.7%-owned by the government. It currently manages assets of 307.5 trillion dong ($14.9 billion).
The news comes as the government looks to boost both private equity activity in Vietnam and overseas investment into the market. Just last month, KKR inked the largest-ever private equity deal in Vietnam, taking a 10% stake in Masan Consumer Corporation for $159 million.
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