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VinaCapital Vietnam Opportunity Fund Limited (“the Company” or “VOF”)
LEI No.: 2138007UD8FBBVAX9469
VOF invests in HDBank, one of Vietnam’s fastest-growing retail banks
Ho Chi Minh City, 27 December 2017 – VinaCapital Vietnam Opportunity Fund (“VOF”), (LSE: VOF), the flagship fund of VinaCapital, today announced that it has invested in Ho Chi Minh City Development Joint Stock Commercial Bank (commonly referred to as “HDBank”), a leading private retail bank in Vietnam, by participating in HDBank’s pre-IPO placement. VOF’s investment, which recently received regulatory approval, is close to USD22 million.
Andy Ho, Managing Director of VOF, said, “HDBank is one of the most innovative and fastest-growing retail banks in Vietnam today, and we are excited to be a part of the bank’s initial public offering. The experienced management team has shown it can profitably grow the bank, and we look forward to working with them as they continue to implement their clear vision for expanding the bank further.”
HDBank was established in 1989, and currently ranks among the top ten Vietnamese banks by asset base. The bank has shown an impressive track record of expanding its balance-sheet and profit before tax over the last five years with CAGR of 69%. Growth in profit before tax is expected to be robust in 2017 and 2018, reaching 100% and 67% respectively. The bank focuses on the retail segment, with in-depth exposure to consumer lending via its 50%-owned subsidiary HD Saison, the third-largest consumer finance company in Vietnam. At present, the bank has 4.5 million individual customers and approximately 25,000 small- and medium-sized business clients. HDBank shares business and management practices from its long-time partner Vietjet Air, the leading low-cost airline in Vietnam, and is also able to leverage the airline’s expansive customer base of 15 million people. HDBank currently has 236 branches and offices nationwide, and is targeting 400 locations nationwide serving 15 million customers by 2021.
The bank expects to list on the Ho Chi Minh Stock Exchange on 5 January 2018.
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Founded in 2003, VinaCapital is a leading investment management and real estate development firm headquartered in Vietnam, with a diversified portfolio of USD1.8 billion in assets under management. The firm has two closed-ended funds that trade on the London Stock Exchange: the VinaCapital Vietnam Opportunity Fund Limited, which trades on the Main Market, and VinaLand Limited which trades on the AIM. VinaCapital also manages the Forum One - VCG Partners Vietnam Fund, one of Vietnam's largest open-ended UCITS-compliant funds, the Vietnam Equity Special Access Fund, numerous segregated accounts, and two domestic funds. VinaCapital has joint ventures with Draper Fisher Jurvetson in venture capital, and Warburg Pincus in hospitality and lodging. VinaCapital's expertise spans a full range of asset classes including capital markets, private equity, real estate, venture capital, and fixed income.
VOF is managed by VinaCapital Fund Management JSC, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
For more information about VinaCapital, please visit www.vinacapital.com .
+84 28 3821 9930
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 20 7260 1000
Northern Trust International Fund Administration Services (Guernsey) Limited, Company Secretary
+44 14 8174 5001
Camarco, Public Relations (London)
+44 20 3757 4980
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