Singapore's United Overseas Bank said on Wednesday it has increased its stake in Vietnam's Southern Commercial Joint Stock Bank to around 19.99 percent.
This was done through the subscription and market purchase of an additional 18.75 million shares for $11.3 million. The net tangible assets of Southern Bank were $180 million as of July 31, UOB said in a statement.
In 2008, UOB raised its stake in Southern Bank to 15 percent from 10 percent, which cost the Singapore lender $15.6 million then.
UOB's rival Oversea-Chinese Banking Corp owns 15 percent of Hanoi-based VPBank.