SMFG to acquire a 15% stake in VPBank for $1.5bn.

SMFG, a financial holding company that offers banking, financing, and asset management solutions, agreed to acquire a 15% stake in VPBank, a joint-stock commercial bank, for $1.5bn. Through the Investment, SMBC will leverage VPBank’s nationwide branch network and expand business collaborations in various fields, including retail and SME financial services, which will enable SMBC Group to further strengthen our growth strategy in Vietnam and ultimately contribute to the further development of Vietnam’s financial industry.