The Joint Stock Commercial Bank for Investment and Development of Vietnam
BIDV Tower, 35 Hang Voi, Hoan Kiem, Ha Noi
Established on 26 April1957, BIDV is proud to be the longest established financial institution with the most valuable brand in Vietnam. BIDV is listed in the Top 2000 world’s largest companies; Top 400 world’s largest banks (according to Forbes and Brand Finance 2017). BIDV is the first choice of economic organizations, businesses and individuals for financial and banking services.
Provide customers with the best products and services including banking, insurance, securities, financial investment, also bringing the most benefits and utilities in using and experiencing banking products and services on the digital banking platform.
Hanoi, Vietnam, 11 November 2019 – Under the witness of H.E. Mr. Vuong Dinh Hue, Politburo member, Deputy Prime Minister of Vietnam and leaders of Vietnam’s governmental agencies, South Korean Ambassador to Vietnam and relevant agencies of South Korea, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) today officially signed the strategic cooperation agreement and announced KEB Hana Bank (South Korea) as its foreign strategic shareholder who owns 15% of BIDV’s charter capital.
Particularly, BIDV issued over 603.3 million shares as a private placement to KEB Hana Bank with a total value of nearly VND20,300 billion. After issuing shares to KEB Hana Bank, BIDV's charter capital increases from VND34,187 billion to VND40,220 billion - the highest in the Vietnamese banking system.
This is the biggest M&A deal with a strategic investor in Vietnam's banking industry and is a double transaction. KEB Hana Bank invests capital to own 15% stake in BIDV with the holding period of at least 5 years. At the same time, BIDV receives a long-term technical assistance from Hana Financial Group and KEB Hana Bank, including but not limited to 6 areas: strategic corporate governance; technology and digital banking; retail banking development; diversified asset portfolios; risk management; human resources training and development.
The strategic partnership not only marks a new turning point in the history of BIDV - the oldest commercial bank in Vietnam but also an important advance in BIDV and KEB Hana Bank cooperation. It reaffirms the cooperation of the leading businesses of Vietnam and South Korea in an effort to further promote economic and diplomatic relations between the two countries.