Maybank to up stake in Vietnam's ABBank to 20 pct

VNStockNews.com - Vietnam's An Binh Bank, 15 percent owned by Malaysia's top lender Maybank, said it would sell another 5 percent for $19.3 million to the Malaysian bank this month.

Partly private ABBank said in a statement the sale, involving the issue of more than 17.8 million new shares, would raise its registered capital by 22 percent to 3.48 trillion dong ($188 million) between Dec. 20 and 30.

With a stake of 20 percent, Maybank's holding in the Vietnamese bank will be the maximum for a foreign partner, and on par with HSBC Holdings Plc's stake in Hanoi-based Techcombank. (Reuters)