The Viet Nam Technological and Commercial Bank (Techcombank) recently reached a deal to sell an additional 10% of its stake to the Hong Kong and Shanghai Banking Corporation (HSBC).
However, a Techcombank executive added, the plan will have to be submitted to the State Bank of Viet Nam for consideration.
It is also required to wait for the state's ratification of new regulations that will enable a foreign bank to hold a 20%- stake of a domestic bank.
If accepted, HSBC will pay Techcombank 85mio US$ for the additional stake and become the first foreign bank to own up to 20% of shares in a local bank.
In December 2005, HSBC paid only 27mio US$ for the first 10%.
Techcombank reported a revenue of more than 1.5 trillion VND in 2006, including 132 billion VND earned by its service sector, confirming its leading role in the pool of joint stock banks. Its pre-tax profit was registered at over 355.86 billion VND.
Source: VNA
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