Vietcombank, Japan-based Mizuho set up strategic partnership

The signing ceremony of strategic investor agreements between Vietcombank and Japan’s Mizuho Corporate Bank, Ltd, Hà Nội, September 30 – Photo: VGP

This is the first strategic deal between the two countries’ credit institutions, noted Deputy PM Vũ Văn Ninh at the signing ceremony of the agreement.

Under the deal, MHCB will acquire Vietcombank’s 347.6 million stocks worth of VND 34,000 each, equivalent to 15% of the total issued stocks.

The Japanese bank will also appoint its representative to the Vietcombank’s board of directors.

The agreement adds around US $567.3 million to Vietcombank’s capital. MHCB is now the only strategic partner of Vietcombank.

The move is expected to help Vietcombank maintain its leading position in Việt Nam. This is also MHCB’s first deal in Việt Nam and the biggest deal in Southeast Asia.

By Hải Minh