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OCBC buys stake in Vietnam bank

OCBC buys stake in Vietnam bank

(22 March 2006 – Vietnam) Singaporean bank OCBC is set to take a 10 percent stake in Vietnam’s Joint Stock Commercial Bank for S$25 million. OCBC joins foreign banks such as ANZ and Standard Chartered in having a stake in one of Vietnam’s banks.

The 10 percent stake is the maximum a foreign bank can currently have in a Vietnamese bank but this is expected to alter when Vietnam joins the World Trade Organisation, tipped for later this year.

OCBC flagged significant growth opportunities in Vietnam, a country with 83 million people and Asia’s second highest GDP growth after China.
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