VietNamNet Bridge - Nearly half of the cooperation agreements between Vietnamese banks and foreign strategic shareholders have been terminated after one decade. SeABank’s representative has confirmed that its foreign shareholder - Société Générale - has divested all of its shares after 10 years of investment. Nearly half of the cooperation agreements between Vietnamese banks and foreign strategic shareholders have been terminated after one decade. Vietnamese banks also needed ‘foreign hands’ to improve corporate governance and seek more clients. RELATED NEWS ‘The big five’ in Vietnam’s banking system Banks’ network expansion slows Nam Mai … [Read more...] about How are alliances in the banking sector performing?
Bank sector news
VietNamNet Bridge - Analysts say the banking sector will attract huge foreign capital in 2019 as banks need to call for more capital. Vietcombank, for example, has increased its charter capital to VND37 trillion. The funds came from the sale of shares to Mizuho that allowed the Japanese strategic shareholder to maintain an ownership ratio of 15 percent. There was also a sale of 2.55 percent of shares to GIC, an investment fund from Singapore. Vietnam is becoming increasingly attractive to foreign investors thanks to the FTAs it has or is going to sign, its upgraded position in the world and it image as an ideal ‘shelter’ in the US-China Trade war. Analysts say that in such conditions, banking will be one of the sectors to benefit. The market is expecting other deals to wrap up in the future, including the sale of 17.65 percent of BIDV shares to South Korean KEB Hana Bank. The equitization of Agribank, one of the Vietnamese largest banks, has caught attention from … [Read more...] about Vietnam’s banking sector eyed by foreign investors
Vietcombank started off 2019 with a stake sale to two foreign investors. More big deals are expected this year. — VNA/VNS Photo Viet Nam News By Hà Nguyễn HÀ NỘI – The improved business performance of Vietnamese banks and a Government regulation to require local banks to meet stricter capital regulations as part of Basel II standards is spelling the start of a wave of foreign investment into the country’s finance and banking sector in 2019, experts said. From the beginning of this year, the market has seen positive signals on rising foreign investment in the sector. NongHuyp Financial Group is the latest foreign investor to show an appetite for Vietnamese banks after the acquisition of more than 111.1 million shares of Vietcombank by Singapore’s sovereign wealth fund GIC Private Limited and one of Japan’s largest financial services providers Mizuho Bank Ltd at a cost of some VND6.2 trillion (US$265 million) on January 9. During … [Read more...] about Foreign investment in banking sector to surge
SBV Deputy Governor Nguyễn Kim Anh speaks at the conference. — Photo danviet.vnViet Nam News HÀ NỘI — The State Bank of Việt Nam (SBV) on Thursday held a conference to close the Financial Sector Modernisation and Information Management System Project (FSMIMS). The FSMIMS project was implemented at the SBV, the National Credit Information Centre of Việt Nam (CIC) and Deposit Insurance of Việt Nam (DIV) with total investment capital of US$71.83 million. The project aimed to develop the banking industry and establish modern banking infrastructure in line with other countries in the region based on the effective application of IT and international practices suitable for Việt Nam. It combines institutional capacity reform and information technology modernisation. SBV Deputy Governor Nguyễn Kim Anh said that the project had been successful and achieved its objectives. This is the first project implemented … [Read more...] about VN completes modernisation of banking sector
Festival to help Ninh Binh promote tourism potential The picturesque Trang An Complex in Ninh Binh province (Photo: vietnamtourism.gov.vn) The northern province of Ninh Binh will have opportunities to promote its tourism potential as a cultural, sport and tourism festival will be held in the locality later this month. Held by the Ministry of Culture, Sports and Tourism, the event is part of the programmes organised to mark 1,050th anniversary of Dai Co Viet, the first feudal state of Vietnam. A wide range of cultural activities are scheduled such as photo exhibitions, amateur cheo (traditional opera) performances, and various culture and sport activities. Local Trang An Landscape Complex, recognised by the UNESCO as a World Heritage site in 2014, together with other renowned heritages like Ha Long Bay, Phong Nha Ke Bang National Park, and gong cultural space in the Central Highlands, among others, will be nudged closer to the visitors at the festival through the “Going through … [Read more...] about BUSINESS NEWS IN BRIEF 24/10