Vietnam Prosperity Bank plans to sell more than 1 billion shares to SMBC Consumer Finance. Reuters
Vietnam Prosperity Bank plans to sell more than 1 billion shares to SMBC Consumer Finance. Reuters
Vietnam Prosperity Bank plans to sell more than 1 billion shares to SMBC Consumer Finance. Reuters
Vietnam Prosperity Bank plans to sell more than 1 billion shares to SMBC Consumer Finance. Reuters

Vietnam’s VP bank is set to sell 15% stake to Japan’s SMFG unit


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Vietnam Prosperity Bank is in the final stages of a deal to sell a 15 per cent stake to Japan’s Sumitomo Mitsui Financial Group for about $1.4 billion, sources said.

The lender known as VPBank will sell more than 1 billion shares to SMBC Consumer Finance, a unit of Sumitomo Mitsui, for 32,000 dong ($1.35) to 33,000 dong each, the sources said. The deal is expected to be signed this month.

VPBank is one of the largest private banks in Vietnam, with total assets of more than 631 trillion dong at the end of December. The business ranges across retail, corporate, consumer finance and wealth management operations.

Japan’s leading banks are investing billions of dollars in Asia to provide services to the region’s rapidly expanding middle class. In November, Sumitomo Mitsui agreed to buy an additional stake in Philippines-based Rizal Commercial Banking for about $460 million.

Shares of Hanoi-based VPBank have risen just over 2 per cent this year, valuing the lender at around $5.2 billion and making it the fourth-largest in the country by market value. Net income was up 55.6 per cent to 18.2 trillion dong last year.

The bank has worked on the plan to sell the 15 per cent stake to an investor since 2021 and targeted completion of the sale last year. Luu Thi Thao, standing deputy chief executive of VPBank, has said the proceeds would help the lender replenish capital, news website VietnamFinance reported last month.

In a Bloomberg interview in January, Sumitomo Mitsui’s chief executive Jun Ohta said the company was discussing a capital tie-up with VPBank, building on an alliance.

It had earlier acquired a 49 per cent stake in Vietnamese consumer lender FE Credit from VPBank.

A VPBank spokesman declined to comment on the possible deal, while Sumitomo Mitsui Financial Group and SMBC Consumer Finance could not be reached for comment.

Match info

Manchester United 4
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Bournemouth 1
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French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

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Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

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The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

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Gearbox: Eight-speed automatic

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Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
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Federer's 11 Wimbledon finals

2003 Beat Mark Philippoussis

2004 Beat Andy Roddick

2005 Beat Andy Roddick

2006 Beat Rafael Nadal

2007 Beat Rafael Nadal

2008 Lost to Rafael Nadal

2009 Beat Andy Roddick

2012 Beat Andy Murray

2014 Lost to Novak Djokovic

2015 Lost to Novak Djokovic

2017 Beat Marin Cilic

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Updated: March 12, 2023, 3:30 AM`