IFC and IFC Capitalization Fund have sold over 55.7 million shares in VietinBank while SSIAM has partnered SK’s NH-Amundi Asset Management to boost fund establishment in South Korea.
IFC investor group reduces stake in VietinBank
IFC, a member of the World Bank Group, and IFC Capitalization Fund have sold over 55.7 million shares in Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), one of the country’s largest state-owned commercial banks.
According to a filing on Ho Chi Minh City Stock Exchange, IFC sold more than 18.9 million shares while IFC Capitalization offloaded 36.8 million shares in VietinBank, reducing their ownership from 6.486 per cent to 4.99 per cent.
With this transaction, IFC and IFC Capitalization Fund are no longer the major shareholders of the lender from January 10.
IFC now owns 1.63 per cent stake while IFC Capitalization holds about 3.35 per cent.
Last November, IFC and IFC Capitalization sold more than 57.37 million shares in VietinBank, reducing their ownership from 8.027 per cent to 6.486 per cent.
In 2011, IFC and IFC Capitalization Fund invested approximately $182 million in equity and $125 million in subordinated debt in VietinBank.
The IFC Capitalization Fund is a global equity and subordinated debt fund founded by IFC and the Japan Bank for International Cooperation (JBIC).
SSIAM partners SK’s NH-Amundi Asset Management
Vietnam’s SSI Asset Management Company Limited (SSIAM) and Korea’s NH-Amundi Asset Management Company Limited have signed a memorandum of understanding (MOU) to promote SSIAM’s fund products in the Korean market, according to an announcement.
Under the MoU, NH-Amundi will develop products using VN30 and VN50 index. In addition, the two companies will jointly launch various funds that will invest in the Vietnamese market.
“Vietnam is the fastest growing country in the emerging markets. However, there are still limited ways to invest in the Vietnamese market. With the MoU, NH-Amundi will develop various products to provide Korean investors with opportunities to invest in the market,” said CEO of NH-Amundi Young-hoon Bae.
Established in 2009, SSIAM is a fund manager investing in listed equities. It is the wholly-owned subsidiary of SSI Securities Inc, Vietnam’s biggest brokerage house. The company set up two private equity funds in collaboration with Japan’s Daiwa Securities Group.
NH-Amundi Asset Management is a member of South Korea’s Nonghyup Financial Group. The company offers equities, fixed income, mixed assets, and hedge funds services throughout South Korea.