IN Ha Noi – A swift deal has been made to sell nearly 15% of the Vietinbank to Canadian owned Bank of Nova Scotia. Expected to close in the 3rd quarter due diligence has begun and purchasing proceedings are in motion.

In conjunction with the BNS the International Finance Coporation will contribute 182 Million for a 10% share. These to global investors will being strength and creditability to the new growth phase of vietnam. Vietinbank is looking to expand in the small to medium growth buisness and with new international brands and domestic start ups occurring everyday Vietinbank has positioned themselves perfectly with international credibility.

Vietninbank is the third largest bank in Vietnam and we will see in the near future a solid foundation of leadership for small and medium enterprise lending from them.

Vietinbank shares, coded CTG on the HCM City Stock Exchange, closed down 3.4 per cent yesterday to VND22,600 per share. — VNS