SMFG Adds to Buying Spree with $1.5 Billion VPBank Stake
Summary
(Bloomberg) -- Vietnam Prosperity JSC Bank sold a 15% stake to Japans Sumitomo Mitsui Financial Group Inc. for about $1.5 billion, marking the end of a years-long sale process. None First Citizens to Buy SVB After Biggest Failure Since 2008 None Binance and Its CEO Sued by CFTC Over US Regulatory ViolationsSumitomo Mitsui Banking Corp., a unit of SMFG, purchased the stake of the Hanoi-based lender, known as VPBank, through a private placement, the Vietnamese firm said in an emailed statement on Monday, confirming an earlier Bloomberg News report. Shares of VPBank rose as much as 1.9% to the highest level since August on Monday.VPBank sold the stake at 30,160 dong per share, 42% higher than its closing price on Monday.Japans top banks are investing billions of dollars in Asia to provide services to the regions rapidly expanding middle class. Its been working on the plan to sell the 15% stake to a strategic investor since 2021.Vietnams VPBank Is Near $1.4 Billion Stake Sale to SMFG UnitSumitomo Mitsuis Chief Executive Officer Jun Ohta said in January that the company was discussing a capital tie-up with VPBank, building on an alliance with the firm. None What Happens When Sexting Chatbots Dump Their Human Lovers None How to Keep Corporate Accounts Safe Amid Bank Collapse Jitters None Iranian Activists Want Tech Companies to Ban the Ayatollah