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Report: Nonghyup Bank to invest in Vietnam's Agribank

South Korea's NongHyup Bank is eyeing to become a strategic investor in Vietnam Bank for Agriculture & Rural Development, or Agribank, Viet Nam News reported March 1.

Kim Gwang Soo, chairman of NongHyup Bank parent NongHuyp Group, has proposed supporting the restructuring process with Agribank during a meeting with the Vietnamese lender's chairman, Trinh Ngoc Khanh.

Details on the proposed restructuring were not disclosed, but the two executives also discussed plans to promote cooperative potential in the banking and nonbanking sectors, such as investment in agriculture, rural areas and farmers, as well as training.

Agribank is set to conduct an IPO by the end of the year.