Vietnam: Vietnam brewery acquired a 5 pct stake in a bank

The state-owned Saigon Beer Alcohol Beverage Corp. (Sabeco) has acquired a 5 percent stake in the Vietnamese Orient Commercial Joint Stock Bank, according to Thanhnien News, January 16.

The value of the deal was VND31.5 billion (US$1.96 million). The bank will help the beverage manufacturer enhance its management, corporate governance, and network. The Ministry of Industry has urged the cabinet to gradually reduce state ownership in Sabeco to 51 percent.

The Ho Chi Minh City-based OCB, the country�s ninth largest private bank with a chartered capital of VND560 billion ($35 million), offers mainly retail banking and financial services for small and medium-sized enterprises. It has a network of 37 branches and transaction offices nationwide.

It plans to increase its chartered capital to VND1 trillion ($62 million) this year and to list on the stock exchange after 2007. It posted a pre-tax profit of VND144 billion ($9 million) last year, double the previous year�s figure.

French banking group BNP Paribas is a strategic partner owning 10 percent in the bank. An OCB spokesperson said it was ready to sell an additional 10 percent to the French bank if approved by the central bank.

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