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CVC-linked investment unit sells 5% stake in Vietnam’s Asia Commercial Bank for $220m

April 3, 2024
in Business
CVC-linked investment unit sells 5% stake in Vietnam’s Asia Commercial Bank for $220m
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An investment vehicle linked to CVC Capital Partners has disposed of its entire 5% stake in Vietnam’s fourth biggest non-state owned commercial lender, Asia Commercial Bank (ACB), for $220 million, according to a company filing and a person with knowledge of the matter.

The sale confirmed an early January report by Reuters that the Europe-based alternative investment firm was in talks with an adviser to explore the sale of its stake in the Ho Chi Minh-listed bank following approaches from potential buyers.

A company filing showed Whistler Investment Ltd sold a 5% stake in ACB for a total of $220 million.

Whistler Investment is an investment vehicle under CVC, according to the person with knowledge of the matter. Buyers of the stake are two U.S.-based financial institutions, the source added.

The sale of the stake was done via two trades fetching $160 million and $60 million respectively, the person said, declining to be named as the person was not authorised to speak to the media.

CVC still holds a 4.99% stake in the bank via another investment vehicle called Sather Gate, the source added.

CVC and ACB did not immediately respond to requests seeking comment on Tuesday.

CVC invested in ACB in 2017, according to its website, which does not disclose financial details of the investment.

The market value of ACB, which focuses on the retail and small-to-medium enterprise markets, has jumped more than three times to $4.4 billion as of Tuesday from early 2018, LSEG data showed.

CVC has been an active investor in Southeast Asia. It bought a minority stake in Indonesian gas company Samator Indo Gas from existing shareholders for $155 million last year. In December 2022, it sold its minority stake in Indonesia’s Garuda Food Putra Putri Jaya to U.S-based Hormel Foods Corp.

ACB recorded a 17.22% rise in net profit in 2023.

Vietnam’s banking sector has seen an increase in mergers and acquisitions in the past few years as investors seek to tap the country’s steady economic growth. Vietnamese lenders are also seeking to bolster their capital amid global uncertainties.

Reuters

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Copyright for syndicated content belongs to the linked Source : DealStreetAsia – https://www.dealstreetasia.com/stories/cvc-vietnam-bank-390182/

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