Japan’s MUFG not seeking to raise VietinBank stake to 50%: Report

Photo: Bloomberg

Japan’s Mitsubishi UFJ Financial Group, the largest of Japan’s three megabanks, is not seeking to raise its stake in VietinBank to 50 percent, state-run Vietnam Television (VTV) said.

In a voiced over translation on Oct 10, VTV had quoted MUFG Deputy President Eiichi Yoshikawa as saying the bank wanted to increase ownership in VietinBank to 50 percent.

MUFG owns 19.73 percent of the Vietnamese lender, according to Refinitiv data.

VTV ran a headline on Oct 12 saying “MUFG Bank does not have a plan to increase its stake in VietinBank to 50 percent of the registered capital of this bank”.

MUFG said in a statement that Yoshikawa had “reiterated the bank’s commitment to Vietnam with its current stake.”

Yoshikawa had been speaking at a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc and senior Vietnamese government officials including the governor of the State Bank of Vietnam (SBV), which owns 64.46 percent of VietinBank.

“The government welcomes investors joining Vietnamese banks, especially foreign investors joining weak banks… and can consider letting foreign investors own 100 percent of those banks,” VTV quoted SBV Governor Le Minh Hung as saying.

The government has said foreign investors could own up to 100 percent of weak Vietnamese banks, as part of efforts to reform a sector once weighed down by bad debts.

VietinBank, the country’s fourth-biggest listed bank by market capitalisation, is not a weak bank by the government’s definition. But Governor Le Minh Hung said increasing capital in VietinBank is necessary.

“Increasing capital in VietinBank is essential to ensure the bank’s financial capacity,” Hung was quoted as saying.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.