Media release: Vietcombank completes VND6.2 trillion private placement to GIC and Mizuho

January 9, 2019 – Joint Stock Commercial Bank for Foreign Trade of Vietnam (“Vietcombank”) announced today that it has successfully completed a private placement of 111,108,873 new shares to Singapore’s sovereign wealth fund, GIC Private Limited (“GIC”), and one of Japan’s largest financial services provider, Mizuho Bank Ltd (“Mizuho”), raising a total of VND6.2 trillion (approximately USD265 million) equity investment.

GIC has purchased 94,442,442 new shares and now owns a 2.55% stake in Vietcombank, Vietnam’s largest bank by market capitalisation. Mizuho has purchased additional 16,666,431 new shares to maintain its existing 15.0% stake in Vietcombank. The equity investment by GIC and Mizuho increases Vietcombank’s charter capital to VND37.1 trillion (approximately USD1.6 billion) and creates a solid capital buffer for the bank to meet capital requirements under Basel II Accord as well as maintain its leading position in the Vietnamese banking sector.

 “This transaction not only represents an important milestone for the new co-operation between GIC and Vietcombank, but also the continued and committed support from our existing partnership with Mizuho. This successful equity raising transaction supports Vietcombank’s strong momentum and performance to achieve our goals” said Mr. Nghiem Xuan Thanh, Chairman, Vietcombank Board of Directors.

Credit Suisse acted as sole Placement Agent and Financial Advisor to Vietcombank on the transaction.

“We are delighted to work with Vietcombank to bring in new capital and another strong shareholder partner like GIC, having successfully advised Vietcombank on its previous strategic sale to Mizuho. This transaction demonstrates continued international investor interest in Vietnam.”, said Helman Sitohang, Chief Executive Officer, Asia Pacific at Credit Suisse.

YKVN, Vilaf and Allen & Overy acted as the legal advisors on the transaction.

For more information, please contact

GIC

Ms. Mah Lay Choon

Senior Vice President

Tel: (+65) 6889 6841

Email: mahlaychoon@gic.com.sg

 

Ms. Wendy Wong

Senior Vice President

Tel: (+65) 6889 6928

Email: wendywong@gic.com.sg

Mizuho

Mr. Eiji Yanagawa

Senior Manager, Hanoi Branch 

Tel: (+84)90-451-6966

Email: eiji.yanagawa@mizuho-cb.co.jp

Vietcombank

Mr. Luu Tuan Linh

Director, Strategic Planning & BOD Secretariat

Tel: (+84) 439343028

Fax: (+84) 438251322

Email: linhlt.ho@vietcombank.com.vn

 

Ms. Phan Khanh Ngoc

Director, PR Department

Tel: (+84) 438246310

Fax: (+84) 438251322

Email: pkngoc.ho@vietcombank.com.vn.

About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide.

For more information about GIC, please visit www.gic.com.sg

About Mizuho

Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services, including banking, securities, trust and asset management, credit card, private banking and venture capital, through its group companies including Mizuho Bank and Mizuho Securities. Key Figures for the Group in FY2017; 60,000 Employees / 38 Countries & Regions / 80% Forbes Global 200 Coverage / $1.9 Trillion in Total Assets.

For more information about Mizuho, please visit https://www.mizuho-fg.com/company/index.html

About Vietcombank

Established in 1963, Vietcombank is now among the biggest commercial banks in Vietnam, with an extensive network of more than 500 branches, transaction offices, representative offices and affiliates both in Vietnam and abroad, as well as more than 1,800 correspondent banks in 158 countries and territories in the world. As a universal bank with strong advantages in retail, wholesale, and investment banking, Vietcombank is able to serve customers through a wide variety of financial and banking services.

For more information about Vietcombank, please visit http://www.vietcombank.com.vn/

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in Vietcombank. In particular, Vietcombank is not making any offer of securities into the United States or any other jurisdiction where it is impermissible to do so.

 

09/01/2019

 

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