Techcombank is weighing BNP Paribas and KB Kookmin as potential strategic investors in a deal that could reach US$2 billion, according to an exclusive Reuters report.
The French and South Korean banks are separately discussing the acquisition of a stake of at least 15% in the Vietnamese lender, according to two people familiar with the matter.
Neither discussion has produced a formal agreement and both could end without a transaction.
The sources expect Techcombank to choose no more than one of the prospective investors.
Foreign Ownership Rules Could Shape the Deal
Overseas shareholders already own approximately 20.5% of Techcombank, while the usual limit for combined foreign ownership in a Vietnamese commercial bank is 30%.
Adding an entirely new 15% foreign holding would take the total above the usual ceiling.
The parties are considering several structures, including a purchase from Techcombank’s existing foreign shareholders.
Price is another major consideration. Techcombank is seeking a valuation equivalent to roughly double its book value, according to the sources.
This would put the cost of a 15% interest at around US$2 billion.
The amount is approximately 55% higher than the stake’s value based on Techcombank’s previous closing share price.
One of the sources identified the requested valuation as the main obstacle to an agreement.
A transaction could be completed by the end of 2026 or during the first half of 2027, depending on the negotiations.
Techcombank ranks third among Vietnam’s privately owned banks by total assets.
It has previously indicated that it is open to bringing in an international banking partner.
The lender’s shares rose as much as 7% after the discussions were reported.
KB Kookmin declined to address what it characterised as market speculation, citing South Korean disclosure requirements.
BNP Paribas and Techcombank also declined to comment.
Featured image: Edited by Fintech News Singapore, based on image by Techcombank
