GIC and Mizuho jointly acquire stake in Vietcombank

29-Aug-16

Singapore, Vietnam – January 9, 2019 – Joint Stock Commercial Bank for Foreign Trade of Vietnam (“Vietcombank”) announced today that it has successfully completed a private placement of 111,108,873 new shares to Singapore’s sovereign wealth fund, GIC Private Limited (“GIC”), and one of Japan’s largest financial services providers, Mizuho Bank Ltd (“Mizuho”), raising a total of VND6.2 trillion (approximately USD265 million) equity investment.

GIC has purchased 94,442,442 new shares and now owns a 2.55% stake in Vietcombank, Vietnam’s largest bank by market capitalisation. Mizuho has purchased additional 16,666,431 new shares to maintain its existing 15.0% stake in Vietcombank. The equity investment by GIC and Mizuho increases Vietcombank’s charter capital to VND37.1 trillion (approximately USD1.6 billion) and creates a solid capital buffer for the bank to meet capital requirements under Basel II Accord as well as maintain its leading position in the Vietnamese banking sector.

“This transaction not only represents an important milestone for the new co-operation between GIC and Vietcombank, but also the continued and committed support from our existing partnership with Mizuho. This successful equity raising transaction supports Vietcombank’s strong momentum and performance to achieve our goals,” said Mr. Nghiem Xuan Thanh, Chairman, Vietcombank Board of Directors.