Temasek added new portfolio of Vietnamese bank
Singapore’s Temasek has taken a 15% stake in Vietnamese lender Mekong Development Bank for $46 million.
The transaction was conducted through Fullerton Financial Holdings, a wholly owned subsidiary of the sovereign wealth fund, which has a penchant on investing in financial institutions in emerging markets.
Bloomberg reported that the Vietnamese bank will increase its registered capital three times to 3 trillion dong ($154 million). The capital alliance is not limited for Fullerton to hold the current portion, but will allow it to increase the size by 20% next year without citing any specific timeframe.
Mekong Development Bank was officially established on October 12, 1992 under the name of My Xuyen Commercial Joint Stock Bank. The bank should be able to find some synergy in Temasek’s current portfolio of lenders, which includes such names as India’s ICICI Bank Ltd. and PT Bank Danamon Indonesia.
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