German-based Deutsche AG Bank’s arm in Singapore has entered into a deal with a Vietnamese state-run bank MHB to offer consulting services for the local bank’s share auction set for this year. Under the deal signed last Friday, Deutsche Bank AG Singapore and its sub-contractors will consult MHB – the Housing Bank of Mekong Delta – with evaluation for their initial public offering (IPO) and listings on the local stock exchange.
The consultation is expected to be completed in October, paving the way for the bank to launch its IPO.
Mekong Delta Housing Development Bank had assets of VND18.8 trillion ($1.2 billion) by the end of last year.
It has opened its branches in Vietnam since 1992 and is now waiting for approval from the Vietnamese central bank to buy a 20 percent stake in the Hanoi-based bank.
MHB provides financial services for home buyers and small-to-medium sized enterprises with 140 branches in over 32 provinces in Vietnam.
Last year, the bank posted total capital of VND19 trillion (US$1.2 billion) with an annual growth of 50-60%.
Source: Thanh Nien
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