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Malaysian bank raises stake in Vietnam’s ABBank   2008-09-25 - Reuters

Vietnam’s An Binh Bank, 15 percent owned by Malaysia’s biggest lender Maybank, Wednesday said it has increased its capital base by 17.8 percent to VND2.71 trillion (US$164 million).



The Ho Chi Minh City-based bank finalized the sale of an extra 5 percent stake to Maybank Wednesday, bringing the Malaysian bank’s ownership to 15 percent and the proceeds were added to An Binh Bank’s registered capital, it said in a statement.

It said Maybank has paid VND1.58 trillion ($96.7 million) for the 15 percent stake in unlisted An Binh Bank, valuing the Vietnamese bank at nearly $1.1 billion.

It is one of Vietnam’s top 20 banks by assets.

An Binh Bank, also known as ABBank, said it would soon work with Maybank to expand its Vietnamese network and connect its automatic teller machines.

Maybank will also help ABBank manage market risks and provide information technology solutions.

Partly-private ABBank has forecast its gross profit to more than double this year to VND465 billion ($27.6 million) and raise its total assets by 32 percent to VND22.7 trillion ($1.3 billion) this year.

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