sg-buys-15-of-vietnams-seabank

SG buys 15% of Vietnam's SeABank

The French lender finalises its purchase of a stake in Vietnam's eighth largest joint stock bank.

Lara Wozniak

August 22, 2008

Societe Generale has signed an agreement with Hanoi-based partly private SeABank to buy 45 million shares. The deal was signed on August 6 for an undisclosed amount.

Hanoi-based SeABankÆs shares rose to Vnd18,000 $1.09 on the unofficial, unregulated markets on Thursday, up 33% since July 18 when the State Bank of Vietnam approved SeABank's share sale to SG. Based on ThursdayÆs price, that values the deal at around $49 million.

Following Societe GeneraleÆs intensive development in Eastern and Central Europe and Russia in recent years, this operation constitutes a significant step for the group's activities in a region with strong growth potential, says Jean-Louis Mattei, head of SGÆs international retail...

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