VPBank has received a 10 per cent deposit from SMBC
VPBank has received a 10 per cent deposit from SMBC
At an investor-update meeting on May 18, Luu Thi Thao, deputy general director of VPBank, revealed that the bank has received a 10 per cent deposit from Japanese partner SMBC, as part of the $1.5 billion private placement agreement signed between the two banks.
The process is expected to take approximately 2–3 months, with the completion of procedures and receipt of the remaining 90 per cent of the funds estimated by the end of July or early August.
“The bank is currently taking necessary steps to finalise the transaction, including obtaining approvals from relevant authorities and conducting a private offering to increase its charter capital in accordance with legal regulations,” Thao said.
VPBank held a signing ceremony for a private placement agreement last March, allocating 15 per cent of its charter capital to SMBC, one of the top financial institutions in Japan, in a $1.5 billion deal.
“Having a significant capital buffer allows the bank to realise its ambitions for both VPBank and the comprehensive ecosystem,” Thao noted.
The involvement of SMBC positions VPBank as the second-largest bank in terms of equity in Vietnam, following Vietcombank. This significant increase in equity enables VPBank to have the financial strength to meet the needs of customers across all strategic segments.
