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Report: South Korea's Lotte Card in final talks to acquire Techcombank unit

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Report: South Korea's Lotte Card in final talks to acquire Techcombank unit

Lotte Group's credit card unit Lotte Card Co. Ltd. is in final talks to acquire TechcomFinance, a subsidiary of Vietnam Technological and Commercial Joint Stock Bank, or Techcombank, Pulse reported Sept. 28, citing "a source close to the acquisition deal."

Lotte Card could acquire a 100% stake in TechcomFinance, which holds a credit card license in Vietnam, for an undisclosed sum.

The two parties have agreed on most terms and are expected to sign a final contract as soon as Sept. 29, the source added.

If the deal succeeds, the South Korean company will offer card issuing, installment financing and consumer loan services in Vietnam.