Confectionery and property company Kinh Do Group signed a deal to pick up 6.42% stake in Viet Nam Export Import Bank (Eximbank) for 90mio US$.
The strategic cooperation agreement means Kinh Do will pay a premium since the bank's chartered capital is only 2.8 trillion VND (175mio US$).
"The cooperation will allow us to share our networks in selling products and services," Le Phung Hao, Kinh Do depute general director, said. The two will also support each other's investment projects.
Viet Nam Eximbank is a leading joint stock commercial bank with total assets of 18.332 trillion VND. By the end of 2006 it had outstanding loans of more than 10 trillion VND. Its import-export payments during the year amounted to 2.3 billion USD and gross profit to VND 359 billion VND. It has agency relationships with 650 banks in 65 countries.
This year the bank expects to increase its assets to 31.7 trillion VND, outstanding loans to 15 trillion VND, and profits to 605 billion VND, Deputy General Director Nguyen Quoc Huong said.
Kinh Do Group comprises of nine companies, three of them listed, and has interests in confectionery, beverages, ice cream, and real estate. It holds almost 40% of the country's confectionery market besides exporting to over 30 foreign markets.
Source: VNA
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