Vietinbank to sell 20% stake to Japanese bank

Vietinbank will selll a 20 percent stake to the Bank of Tokyo Mitsubishi UFJ for US$743 million.

The deal is the largest acquisition in the banking sector, said Vietinbank's chairman Pham Huy Hung.

It will also make Vietinbank the largest Vietnamese commercial bank in terms of capital and shareholder structure.

The Vietnamese lender said it had gained permission to issue new shares, to increase its charter capital to US$1.55 billion and equity to US$2.1 billion.

Bank of Tokyo Mitsubishi UFJ chairman Nobuyuki Hirano said the move would help his bank expand operations throughout Asia.

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