GIC, Mizuho give Vietcombank $265m capital boost

The funds raised via a private placement bolster Vietcombank’s capital ahead of Vietnam's application of Basel II in 2020. However, the state could continue to demand big dividends.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, has completed the sale of new shares to Singapore’s sovereign wealth fund GIC and Japanese megabank Mizuho for Vnd6.2 trillion $265 million.
 
The capital raised on Wednesday is roughly a third of what it had been targeting less than a year ago but still helps Vietcombank to meet Basel II requirements before these come into effect in Vietnam in 2020.
 
In a statement, Vietnam’s largest...
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