Mirae affiliate set to invest in Vietnamese bank
Affiliates of the Mirae Asset Financial Group, Korea’s top asset management firm, are increasing their investment in the Vietnamese banking sector.The Mirae Group said yesterday that a private equity fund managed by Mirae Asset Maps, one of Mirae’s asset management arms, invested around 80 billion won ($85.2 million) last month to buy 4 percent of the shares in Vietnam’s third-biggest bank.
The Mirae private equity fund is waiting for approval from the Vietnamese government for a deal it reached on Dec. 3, 2007 to take over a stake in Vietnam EXIM Bank, the Mirae Group said.
“The [Mirae] private equity fund is investing in a plan to increase the capital of Vietnam EXIM Bank by issuing new stock equivalent to 25 percent of existing stock,” said Im Myoung-jae, head of the public relations team at Mirae Asset Financial Group.
“The fund is entitled to own 20 percent of the newly issued stocks, which is 4 percent of the total stock.”
Japan’s Sumitomo Mitsui Bank is also participating in the deal. The bank will be able to own 60 percent of the new EXIM shares, which is 12 percent of the bank’s total shares, Im said. That will make the Japanese bank Vietnam EXIM Bank’s largest shareholder, he said.
Vietnam EXIM Bank was established in 1989 by the Vietnamese government to supply capital to Vietnam’s export and import companies. Later privatized, the bank now has partnerships with around 700 banks from 69 countries.
“We see growing business opportunities in Vietnam. The country’s banking sector especially has the potential for solid growth in the near future,” Im said.
Mirae Asset Securities, the group’s brokerage arm, said earlier this month that it signed a memorandum of understanding with Phuong Nam Bank to buy a 15 percent stake in the Ho Chi Minh City-based unlisted lender last month.
By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]
with the Korea JoongAng Daily
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