The Hana Financial Group has decided to expand its business in Vietnam by acquiring a stake in BIDV. — (Photo: BIDV)Hanoi (VNA) - TheHana Financial Group has decided to expand its business in Vietnam byacquiring a stake in Bank for Investment and Development of Vietnam (BIDV).
BIDV is one of Vietnam’s four State-run commercial banks.
Business Korea quoted a local financial official that KEB Hana Bank was goingforward with the acquisition and was reportedly close to signing a deal.
The deal will proceed in a way that BIDV will raise new capital through capitalincrease to improve its financial structure, and Hana Bank will purchase thenew shares. According to a source, the only remaining process was to receivethe approval of the State Bank of Vietnam while the work was being finalised.
BIDV started as Vietnamese Construction Bank in 1957. Until 1994, BIDV wasoperated mainly by the Government. Since 1995, the bank has been activelyoffering financing, credit, financial and non-financial services as acommercial bank. It has played the role of an agency for the management offunds with domestic and foreign financial institutions.
In fact, earlier this year, KEB Hana Bank Chairman Kim met Vietnamese DeputyPrime Minister Vuong Dinh Hue, local media reported. Kim emphasised the needfor cooperation between Hana Bank and BIDV and said the two companies wouldcreate good business opportunities if they continued to maintain partnership infintech and mobile payment, among others, in Vietnam.-VNA
VNA
