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Vietnamese bank looking to sell 11% stake to Japan's Aozora Bank

Vietnam's Orient Commercial Joint Stock Bank, or OCB, is considering selling an 11% stake to Japan's Aozora Bank Ltd. as part of a private placement and plans to list its shares on the Ho Chi Minh City bourse in 2020, DealStreetAsia reported, citing an OCB spokesperson.

The Vietnamese bank is seeking shareholders' input on the potential sale of nearly 86.9 million equity shares to Aozora Bank, the spokesperson said.

The potential sale of shares to the Japanese bank will be part of OCB's offering of a total of 118 million shares. After issuing shares to Aozora Bank, the Vietnamese lender will continue to offer the remaining shares for sale as part of the offering.

Meanwhile, OCB is implementing procedures for its proposed listing, which is expected in 2020, the spokesperson added. The bank sought to list 750 million shares on the Ho Chi Minh City bourse in 2018 but delayed the plan, the news outlet reported.