LONDON (ShareCast) - (ShareCast News) - VinaCapital Vietnam Opportunity Fund, the flagship fund of VinaCapital, has invested approximately $11m in Orient Commercial Bank, for an interest of less than 5%, the company announced on Thursday.
Investment in the mid-tier retail bank in Vietnam, established in 1996 and currently ranking 17th out of 34 banks in total assets, was made via a privately negotiated deal, the company said, adding that it had recently received regulatory approval.

Andy Ho, managing director of VinaCapital Vietnam Opportunity Fund, said, "This investment is a rare opportunity to own a meaningful stake in a bank that has high lending and earnings growth, and a strong management team with a clear strategy for expansion. Over the past five years, OCB has been restructuring its business, and is now well-positioned to implement its growth strategy. In addition to negotiating an attractive price, we were able to obtain certain minority protections and performance commitments, which made this transaction all the more attractive."

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