【NEWS RELEASE】
January 16, 2023
Sumitomo Mitsui Banking Corporation
Termination of the Capital Alliance with Vietnam Export Import Commercial Joint Stock Bank
TOKYO, January 16, 2023 --- Sumitomo Mitsui Banking Corporation (President and CEO: Makoto Takashima, hereafter referred to as "SMBC") has made its decision to terminate our capital alliance with Vietnam Export Import Commercial Joint Stock Bank (hereafter referred to as "Vietnam Eximbank"), and started the divestment process.
SMBC will continue efforts to further enhance our Vietnam growth strategy not only through SMBC Hanoi and Ho Chi Minh Branches, but also through collaborations with Vietnam Prosperity Joint Stock Commercial Bank, a bank with which SMBC entered into a Business Partnership Agreement in May 2022, and its subsidiary VPBank SMBC Finance Company Limited, a finance company in which SMBC Consumer Finance Co., LTD (President and Representative Director, CEO: Ryohei Kaneko) acquired an equity stake in FY2021.
1. Termination of the Alliance: Background
As disclosed in the SMBC press release "Termination of the Strategic Alliance with Vietnam Export Import Commercial Joint Stock Bank" issued on March 18, 2022, SMBC and Vietnam Eximbank terminated our strategic alliance. Since then, SMBC has been engaging in ongoing deliberations regarding the future status of our ownership stake in Vietnam Eximbank. As a result of those deliberations SMBC came to the conclusion that we will liquidate our entire equity ownership in Vietnam Eximbank. SMBC has decreased our equity ownership in Vietnam Eximbank to less than five percent.
2. Counterparty Overview
Company Name | Vietnam Export Import Commercial Joint Stock Bank |
Head Office | 8th Floor, Vincom Center Building, 72 Le Thanh Ton Street, Ben Nghe |
Ward, District 1, Ho Chi Minh City, Vietnam | |
Chairwomen | Ms. Ba Luong Thi Cam Tu |
CEO | Mr. Tran Tan Loc |
Established | May 1989 |
Business Sector | Banking |
Total Assets | VND 165 Trillion 832.9 Billion(approximately JPY 829.2 Billion, as of |
the end of December 2021) | |
Total Capital | VND 17 Trillion 784.9 Billion(approximately JPY 88.9 Billion, as of the |
end of December 2021) | |
Financial forecasts for the financial year ended March 2023 will not be revised due to the said sale.
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Sumitomo Mitsui Financial Group Inc. published this content on 16 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2023 08:59:13 UTC.