French bank BNP Paribas is going to buy a 10 percent stake in Vietnam's Orient Commercial Bank (OCB) as part of its strategy to expand in fast-growing emerging markets. The French bank did not disclose the price of the transaction. BNP Paribas said OCB is the ninth largest private bank in Vietnam, a country with strong growth prospects. BNP Paribas said on Friday it would help OCB expand in Vietnam in areas such as consumer finance.
"With an economy expanding at a rate of 7 percent, a population of 80 million, and a low level of penetration for the financial services industry, the Vietnamese financial services market is especially promising, and has become even more attractive since Vietnam joined the WTO (World Trade Organisation) at the beginning of the month", BNP Paribas said in a statement.
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