VN’s HDBank sells 49% in HDFinance to Japan’s Credit Saison

Visual from HDBank

Vietnamese commercial lender Ho Chi Minh Development Bank (HDBank) will offload a 49 per cent stake in its financial arm, HDFinance, to Japanese investor Credit Saison Co Ltd, as approved by the State Bank of Vietnam.

The financial company will be renamed as HD Saison Finance.

HDBank will reduce its holding to 50 per cent; one per cent is owned by Ho Chi Minh City Securities Company.

The central bank has also approved to change the legal form of HDFinance from a one member limited liability company to a limited liability form with two or more members.

Official announcement from the Vietnamese bank stated: that this move will make HD Saison Finance, a leading company in Vietnam’s retail finance sector. “The collaboration between a dynamic Vietnamese commercial bank and Japan’s biggest credit service provider will help promote the financial market through diversifying consumer lending products,” the bank wrote in an announcement.

HD Saison Finance is expected to attract customers with a spate of card services and lending products, which will help strengthen its foothold in the local market and contribute to the consumption power of the economy.

The ambition is not to stop there, the partnership includes an expansion plan to other countries in the ASEAN region, like Myanmar and Cambodia.

Credit Saison has already made an appearance in China, Indonesia and Singapore.

The largest credit card issuer in Japan, affiliated with Mizuho Financial Group, Credit Saison focuses on leasing, credit guarantee and installment sales. It penetrated the Vietnamese market by opening a representative office in Hanoi in 2012 then establishing a subsidiary a year later to conduct consulting business.

Meanwhile, HDBank acquired French-owned Société Générale Vietnam Finance Company, the first wholly foreign-owned financial firm in Vietnam, to transform it into HDFinance.

The bank has become larger after the acquisition of DaiABank in the same year. It has a charter capital of VND8.1 trillion ($376.7 million) and, according to the latest financial statement, a net profit of VND24.7 billion ($1.15 million) in the second quarter of 2014.

Related stories:

Ton Poh Thailand Fund picks 6% stake in Vietnam’s CotecCons

Oman’s SGRF vies for controlling stake in Vietnam’s Hai Phong Port

VinaCapital’s real estate fund sells 15% in Sai Gon Quy Nhon

French airport eyes 30% in Airports Corporation of Vietnam

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).

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

  • 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.

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).

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

  • 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.