South Korean conglomerate Lotte Group's credit card unit, Lotte Card Co. Ltd., is set to acquire a subsidiary of Vietnam Technological and Commercial Joint Stock Bank, Maeil Business Newspaper reported March 12, citing an announcement from Lotte Card.
Lotte Card said it received final approval from the State Bank of Vietnam to acquire a full stake in TechcomFinance. The approval comes following a corporate transfer agreement signed by the Lotte Group unit in September 2017.
Lotte Card is looking to enter the consumer finance market in Vietnam through the stake acquisition. Currently, TechcomFinance has licenses to offer credit card, installment finance and consumer lending products in the Southeast Asian country.
