Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, raised 6.2 trillion dong from the sale of 111,108,873 new shares to Singapore's sovereign wealth fund GIC Pte. Ltd. and Japan's Mizuho Bank Ltd. in a private placement.
GIC purchased 94,442,442 new shares and now owns a 2.55% stake in Vietcombank, according to a Jan. 9 news release. Mizuho Bank purchased 16,666,431 new shares to maintain its existing 15.0% stake in the Vietnamese lender.
Vietcombank said the share sale increases its charter capital to 37.1 trillion dong and creates a solid capital buffer to help it meet capital requirements under Basel II.
Credit Suisse acted as sole placement agent and financial advisor to Vietcombank. YKVN, Vilaf and Allen & Overy acted as legal advisors.
As of Jan. 9, US$1 was equivalent to 23,205 Vietnamese dong.