Vietnam International Bank (VIB) has entered into a strategic partnership with a financial offshoot of the state-run oil and gas PetroVietnam.
Following the deal clinched Wednesday, VIB and PetroVietnam Finance Co., (PVFC) will assist each other with finance consulting, payment services, credit and fund settlements and investment.
The agreement sees both parties pledging to use each other’s products and services and promote joint investment projects.
VIB Bank had petitioned to withdraw its listing on the Hanoi Securities Trading Center (HASTC) late last year, citing an inability to complete necessary procedures.
No further information about the bank’s future listing has been released.
The country's 10th-largest bank by assets won central bank approval to apply for listing on the Hanoi exchange last November.
But unlike several banks which have sold shares to foreign investors, VIB has yet to take foreign investors on board.
VIB was founded in early 1996 by a number of institutions, including the state-run Agribank and Vietcombank, Vietnam's largest bank, along with private businessmen.
The bank did not say how much of VIB was owned by the two state-run banks.
A new wave of teamwork among banks has hit Vietnam as well as many recent bank-corporation collaborations. The trend generally targets the enhancement of finance power and management capacity.
It could be an effective way for domestic firms to brace against a flood of competition from foreign players.
Source: Thanh Nien
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