As with China… so in Vietnam.
Latest to take the plunge is Deutsche Bank, which in February announced a deal with Hanoi Building Commercial Joint Stock Bank to buy up to 20% of the stock, subject to necessary approvals. Financial terms were not disclosed, but Deutsche Bank will probably have paid a huge multiple of current book value. It is in good company: ANZ, Standard Chartered, Citi, HSBC and OCBC have all signed deals with local banks at hair-raising valuations.
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