Finnish independent fund management company PYN Fund Management has completed its acquisition of a 4.99 per cent stake in Tien Phong Commercial Joint Stock Bank (TPBank) for $40 million, marking the largest investment it has made in Vietnam.
The deal also marked the Asia-focused PYN Elite Fund‘s first investment in a Vietnamese bank.
With a total portfolio value of 417 million euros, PYN Elite Fund is now the third largest foreign investment fund in Vietnam, according to TPBank.
The Finnish Foundation has been officially investing in the Vietnam stock market since 2013 and is now well-known in the market with the ownership of many large companies.
As of November 15, the total value of shares in the Vietnamese securities market accounted for 92 per cent of the total assets of the PYN Elite Fund, or about 10,350 billion dong (383.6 million Euros).
TPBank vice chairman Do Anh Tu believes the partnership will provide a strong platform for TPBank to continue to grow.
“I am confident that the strong financial strength and reputation of PYN Elite Fund in Vietnam as well as internationally will contribute with TPBank to continue to bring more financial products and services to the bank,” Tu said. “The group of customers who are interested in technology and the group of SMEs, TPBank’s strategy is considered.”
TPBank has total assets of more than 118 trillion dong. By the end of November 2017, its pre-tax profit reached nearly 1,100 billion dong, bringing the bank officially into the list of profitable banks in 2017.