Maybank pays reduced price for Vietnamese bank stake

Malayan Banking Bhd., Malaysia’s largest bank by assets, will pay a lower sum than previously agreed for a stake in a Vietnamese bank.

Maybank will pay 327.1 million ringgit (US$95.28 million) for 15 percent of Vietnam’s An Binh Bank, less than the 430 million ringgit it had consented to in March, the Kuala Lumpur-based lender said in a statement Tuesday.

“The revised purchase price was mutually accepted by Maybank and An Binh Bank given the change in economic environment in Vietnam,” Maybank said.

Maybank said it also had the right to subscribe to shares after a bonus issue by An Binh Bank and would spend an additional 9.1 million ringgit to keep its stake at 15 percent.

It will then seek to buy another 5 percent stake for 73.8 million ringgit, which will up its stake to 20 percent.

The total cost of the deal will amount to 410 million ringgit, Maybank said.

Thanhnien

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