wo times its book value (a bank\u2019s net assets on paper), which would put 15% at roughly $2 billion, or around 55% above the current market price.<\/p>\n
Vietnam\u2019s rules add another twist: foreign ownership is capped at 30% for most banks, and Techcombank is already around 20.5% foreign-owned. That means a new buyer may need to structure a deal around a secondary block, potentially purchasing shares from existing foreign holders rather than issuing lots of new stock<\/a>.<\/p>\n Why should I care?<\/p>\n For markets: Techcombank\u2019s 30% foreign cap can make 2 times book look realistic.<\/p>\n When regulation limits who can own a stock, \u201cavailable to foreigners\u201d shares can become scarce. With only about 9.5% of headroom left before Techcombank hits the 30% cap, any compliant 15% deal likely requires someone to sell a sizable block. Scarcity tends to shift negotiations away from the day-to-day share price and toward what a strategic buyer is willing to pay for access.<\/p>\n If a deal clears near two times book, it could act like an M&A-style reference point for Techcombank\u2019s valuation, and a benchmark for other Vietnam bank stake talks. Reuters notes the market will likely compare it with prior strategic deals, such as SMBC, a Japanese megabank, buying 15% of VPBank in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"wo times its book value (a bank\u2019s net assets on paper), which would put 15% at roughly $2…\n","protected":false},"author":2,"featured_media":69932,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12875],"tags":[12883],"class_list":["post-69931","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bnp-paribas","tag-bnp-paribas"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/69931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=69931"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/69931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/69932"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=69931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=69931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=69931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}