Aozora Bank to acquire 15% stake in Vietnamese bank OCB
HO CHI MINH CITY, NNA - Japan's Aozora Bank will acquire a 15 percent stake in Vietnamese Orient Commercial Joint Stock Bank (OCB) in line with its business plan to capitalize on economic growth in the Asian region.
Aozora Bank will acquire the shares from existing shareholders as well as by third-party allotment with an investment of 10 billion to 20 billion yen ($92 million to $185 million) pending approval by Vietnamese authorities, an Aozora Bank spokesman told NNA on Tuesday.
One or two Aozora Bank officials are expected to join the OCB's management team, he said.
According to the spokesman, OCB has strength in corporate loans to small- and medium-sized enterprises, as does Aozora Bank, which led to its acquisition.
The Tokyo-based bank will facilitate OCB's mergers and acquisitions operations with its experience as an investment bank in Japan as well as reinforcing OCB's internet banking, he said. He added the Japanese bank aims to utilize the acquisition for supporting its Japanese customer firms' overseas expansion as the Vietnamese market is attracting their attention.
Established in 1996, OCB has a capital of 7.9 trillion dong ($341 million). Loans to customers are 67.9 trillion dong with a total asset of 106.4 trillion dong as of the end of September 2019, according to local media. (NNA/Kyodo)