Japanese partner wants to hold 20% shares in Vietinbank.

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The Japanese Nikkei has reported that The Tokyo-Mitsubishi Bank UFJ –  Mitsubishi UFJ Financial Group (MUFG), is expected to spend 60 billion Yen to hold 20% shares in the Vietnam Joint Stock Commercial Bank For Industry And Trade – Vietinbank (Code: CTG-HOSE).

The amount of 60 billion Yen (720 million USD) is seen as a huge number in a merger and acquisition in Vietnam, much higher than the number of 567,3 million USD that Mizuho Financial Group spent to hold 15% shares in Vietcombank .

Tokyo-Mitsubishi UFJ is expected to cost 22,800 VND / share, higher than the level of 20,000 VND / CTG which is currently traded on the stock market. This bank expects to complete the deal in the first half of 2013.

(Source: VnEconomy)

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