Techcombank’s southern headquarters is in Ho Chi Minh City
The listing of Techcombank in June was one of the most closely watched events in Vietnam’s recent history.
It seemed to show the whole country taking a step forward in market sophistication. Here was a bank with a management team full of international expertise, with ex-Morgan Stanley, McKinsey and Wells Fargo staff throughout the ranks. It is also one that has attracted world-class anchor investors, including GIC, Warburg Pincus and Fidelity.
And then the deal dropped 20% on its first day of trading.
Why? Global markets didn’t help.
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