Vietnam Daily News

Vietcombank signs cooperation agreement with Shinhan Bank

Written by Dailynews.vn Monday, 12 December 2011 17:22

Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) on December 7 signed a memorandum of understanding (MoU) with Korea-based Shinhan Bank to speed up the cooperation between the two partners. The two partners will continue to carry out the specific agreements to support each other in professional activities as well as strengthen the business cooperation opportunities. Previously, Vietcombank has transferred the entire 50 percent equity contribution (equivalent to 589 billion dong) in ShinhanVina Joint Venture Bank (SVB) for Korea-based Shinhan Bank. According to the local newspaper Thoi Bao Kinh Te Saigon (Saigon Economic Times Online), Vietcombank earned about 1.3 trillion dong from this capital divestment and it will be calculated in the bank's profit in 2011 and its principle investment of over 589 billion dong will be added in VCB's chartered capital.

Source: www.intellasia.net/news/articles/finance/111350507.shtml