More foreign banks buy into Vietnam

UOB increases its investment in Southern Commercial Joint Stock Bank, while SG receives approval to buy a stake in Southeast Asia Commercial Joint Stock Bank.

The State Bank of Vietnam, which is the nation's central bank, has approved the purchase of a 5% stake in Phuong Nam Southern Commercial Joint Stock Bank by the United Oversea Bank UOB of Singapore, its foreign strategic shareholder. The purchase price was not disclosed.

The purchase will increase UOB's holding in Southern Bank to 15% from the current 10% that UOB bought in December 2007 for Vnd480 billion $30 million. A 15% stake is currently the maximum...

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