Financial Services Industry
Industry: Email Alert RSS FeedIFC pays $5.5m for small stake in leading bank
Vietnam Investment Review, October, 2003 by Doung Nguyen
THE World Bank's financial arm has signed a deal to pick up an 8 per cent stake in Vietnam's biggest joint stock bank, Asia Commercial Bank (ACB).
The International Financial Corporation (IFC) announced the move last week after State Bank deputy governor, "Tran Minh Tuan, gave ACB the nod to transfer a South Korean investor's stake to the IFC.
The IFC will now buy 33,828 shares, or 8 per cent of ACB's stock, from the LG Group's LG Investment & Securities (LGIS) at an undisclosed price.
Talks for the deal began last year when the IFC pledged to invest $5.5 million in the bank by buying off LGIS's secondary shares. Details have yet to be released.
Asked why LGIS chose to sell its stake when ACB was doing well, the bank's general director,...
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