Monday , December 11 2023

Japanese lender reduces stake in Eximbank

Japanese giant Sumitomo Mitsui Banking Corporation has sold a 10.8% stake in Vietnam’s Eximbank, reducing its ownership to 4.27%.

It sold 132.8 million EIB shares at VND27,750 ($1.18) on January 13, according to a release by the Vietnamese bank.

The value of the deal is estimated at around VND3.4 trillion.

SMBC became a strategic shareholder in Eximbank in 2007, but withdrew its representative in 2019 due to some disagreements.

Eximbank pulled the plug on its strategic partnership with SMBC in February last year.

On Monday it attempted to organize an extraordinary shareholders meeting to appoint three new directors, but could not get the quorum of 65%.

It is planning for another meeting on February 14.

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