OCBC disposes Vietnam Prosperity Joint Stock Commercial Bank for $55.5m

Purchase offer proved too irresistible.

Oversea-Chinese Banking Corporation Limited (OCBC Bank) has announced that it has sold its entire 14.88% stake, comprising 85,830,457 ordinary shares of VND10,000 each, in the capital of Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) to a group of individuals, namely Ms Ngo Thu Thuy, Mr Huynh Ba Lan and Ms Pham Vu Thi Nhu Hoang.

OCBC was approached with a proposal to purchase the Sale Shares, and after considering the proposed terms, it decided to divest its entire 14.88% stake.

The consideration for the Sale Shares was $55.5 million (approximately S$69.3 million) payable in cash, and was arrived at on a willing buyer and willing seller basis after taking into account the latest audited net assets value of VP Bank which was approximately VND6,637 billion or S$389 million as at 31 December 2012.

The sale is not expected to have a material impact on the net tangible assets or earnings per share of OCBC group for the current financial year.