Vietnam bank denies stake sale to Credit Suisse

TN News

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The head of Vietnam's Sacombank has denied there are plans to sell a 15 percent stake to Credit Suisse Group AG, Thoi Bao Kinh Te Sai Gon (Saigon Economic Times) reported Monday.

Saigon Thuong Tin Commercial Joint-Stock Bank, as the Vietnamese bank is known, has merely signed an agreement with Credit Suisse to cooperate in Vietnam, Laos, and Cambodia, Dang Van Thanh, the CEO of Sacombank, said.

Vietnam News Agency had reported on December 23 that Sacombank could sell a 15 percent stake to Credit Suisse.

"We want to sell to Credit Suisse as much as the current law allows us to do, which would be 15 percent," it quoted Tran Xuan Huy, the general director of Sacombank, as saying.

The share sale "can happen gradually until the stake reaches the maximum limit."

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