Vietcombank to increase stake in military bank

The Viet Nam Foreign Trade Bank (VCB) and the Military Bank (MB) signed an agreement in Ha Noi on Oct. 22, under which VCB will increase its stake in MB to 10 percent.

The two banks also agreed to become long-term partners in future investment activities as well as banking services and training.

VCB is one of the country’s largest banks with accumulated assets value of over 186 trillion VND and a net profit of 2 trillion VND as of Sept. 30, 2007.

Meanwhile, its partner, MB, is one of the 10 leading joint-stock commercial banks. It which generated a net profit of 455 billion VND as of Sept. 20, 2007.

VNA

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