Vietnam’s VPBank near US$1.4bil stake sale to SMFG unit

FILE PHOTO: A man walk past a signboard of Sumitomo Mitsui Banking Corporation's signboard at its branch in Tokyo, Japan, January 25, 2017. Picture taken on January 25, 2017.REUTERS/Kim Kyung-Hoon

HANOI: Vietnam Prosperity JSC Bank is in the final stages of a deal to sell a 15% stake to Japan’s Sumitomo Mitsui Financial Group (SMFG) Inc for about US$1.4bil (RM6.3bil), according to people familiar with the transaction.

The lender known as VPBank will sell more than one billion shares to SMBC Consumer Finance Co, a unit of Sumitomo Mitsui, for 32,000 dong (US$1.35 or RM6.10) to 33,000 dong (RM6.30) each, said the people, who asked not to be identified because the information is private.