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Freshfields advises SMBC on strategic US$1.5bn investment in Vietnam Prosperity Joint Stock Commercial Bank

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised longstanding client Sumitomo Mitsui Banking Corporation (‘SMBC’) on its strategic investment in Vietnam Prosperity Joint Stock Commercial Bank (‘VPBank’), a commercial bank headquartered in Vietnam.  In accordance with the terms of such strategic investment, SMBC has agreed to acquire a 15 per cent equity stake in VPBank for VND 35.9 trillion, equivalent to JPY 183.1bn or US$1.5bn, through a private placement, subject to regulatory approval.
Freshfields has advised SMBC and its parent Sumitomo Mitsui Financial Group on all of its recent investment transactions in the financial institution group sector in Vietnam, including the US$1.4bn investment in FE Credit in 2021 (which is now a joint venture with VPBank).
The Freshfields Vietnam team advising on the transaction was led by counsel Chris Milliken and senior associate An Hoang Ha, with the support of, among others, associates Hoang Hoa and Nguyen Dang Hai and strategic guidance from Vietnam managing partner Tony Foster.

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