France’s BNP Paribas and South Korea’s KB Kookmin Bank are each separately advancing negotiations to acquire at least a 15% stake in Techcombank, a major Vietnamese private bank, according to two people familiar with the matter. If a deal is reached, it would bring an end to the years-long search by Vietnam’s third-largest private bank by total assets for a foreign strategic partner.

According to the sources, Techcombank is seeking a valuation of roughly twice its book value, which would put the value of a 15% stake at approximately $2 billion (about ¥320 billion). That represents a premium of roughly 55% over the current market price. The bank’s shares are down 9% year-to-date as of the 25th.

The negotiations are at an early stage, no formal agreement has been reached, and there is no guarantee a deal will materialize. The sources noted that Techcombank is likely to select only one of the two bidders. Depending on how talks progress, an agreement could be reached between late 2026 and the first half of 2027.

The valuation gap is the biggest obstacle. Techcombank is demanding a substantial premium over its current market value, and one of the sources said a strategic buyer would effectively be paying for future growth and access to a scarce banking platform.

Vietnam caps foreign ownership in most banks at 30%. Techcombank’s foreign ownership currently stands at approximately 20.5%, and according to the sources, companies considering bids are exploring multiple options, including buying out existing foreign investors.

KB Kookmin Bank said it does not comment on market rumors or speculation, in line with South Korean capital market and disclosure regulations. Spokespeople for Techcombank and BNP Paribas declined to comment.

Growing Interest in Vietnam’s Banking Market

The talks have emerged amid intensifying activity by foreign banks seeking to expand their foothold in Vietnam by growing foreign-currency lending to local banks, which are caught between rising domestic funding costs and government pressure to expand credit.

Several foreign banks already operate in Vietnam through branches, and analysts note that more entrants could follow under the government’s plan to establish an international financial center. Japanese and South Korean banks are already strategic investors in some of the country’s major lenders, with Sumitomo Mitsui Banking Corporation acquiring a 15% stake in VPBank in 2023.

BNP Paribas and KB Kookmin Bank already have branches in Hanoi and Ho Chi Minh City. KB Kookmin Bank’s parent, KB Financial Group, has a majority-owned securities subsidiary in Vietnam.

Techcombank’s Business Foundation

Founded in 1993, Techcombank had more than 18 million customers as of the end of 2025, covering more than half of Vietnam’s affluent and high-income population. As of the end of June 2026, total assets stood at 1,273 trillion dong (approximately $48.76 billion), with customer deposits of 697.4 trillion dong.

Pre-tax profit for the first half of 2026 rose 22.5% year-on-year to 18.5 trillion dong, driven by growth in net interest income and fee income.

Techcombank has long signaled openness to taking on a foreign strategic investor, yet it remains one of the few major private banks in Vietnam without a strategic partner. For BNP Paribas or KB Kookmin Bank, acquiring a stake in Techcombank would provide exposure to an expanding middle class, rising wealth management demand, and a fast-growing private banking segment.

ItemDetailsTarget companyTechcombank (Vietnam’s third-largest private bank)Stake to be acquiredAt least 15%Estimated deal valueApproximately $2 billion (about ¥320 billion)Premium to market priceApproximately 55%Current foreign ownershipApproximately 20.5%Foreign ownership cap30%Expected agreement timingLate 2026 – first half of 2027

Note: Techcombank’s share price is down 9% year-to-date as of the 25th.