Malaysia’s Maybank to buy 15% of ABBank

An Binh Commercial Bank will sell a 15-per-cent stake to Malaysia's Maybank for US$135.2mil, following official approval for the transaction granted yesterday by the State Bank of Viet Nam.

Under the strategic partnership agreement between the two banks, Maybank is expected to help ABBank improve its risk management, enhance its technology, increase its international payment services, develop its human resources, and boost its consumer services.

Maybank has also expressed an intention to buy another 5% in ABBank once the Government lifts the ownership limit on foreign investors.

A 15-per-cent-stake is currently the maximum a foreign strategic investor is allowed to hold in a domestic financial institution.

Electricity of Viet Nam (EVN) is the major shareholder in ABBank, with 28.3%, followed by Ha Noi Export and Import Joint Stock Co with 7.2%.

VNN

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