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Vietnam Posts & Telecommunications gets nod to sell unit

Vietnam Posts & Telecommunications Group obtained approval from the State Bank of Vietnam to sell Post & Telecommunication Finance Co. Ltd. to Southeast Asia Commercial Joint Stock Bank, or SeABank , Viet Nam News reported, citing a decision signed by central bank Governor Le Minh Hung.

The two banks are now required to complete all deal procedures and comply with regulatory norms by Aug. 22, Hung said.

In February, Vietnam Posts & Telecommunications said SeABank was acquiring the finance unit at a higher price than expected, the news outlet noted.