France-based BNP Paribas and South Korea-based KB Kookmin Bank are reportedly holding separate discussions to acquire a stake of at least 15% in Vietnam's Techcombank as a strategic investor, according to two sources familiar with the matter who spoke on condition of anonymity. BNP Paribas has since said in a statement that it has no plans to acquire an equity stake in the Vietnamese lender, while KB Kookmin Bank said it would not comment on market speculation, citing South Korea's capital markets disclosure rules. A Techcombank spokesperson also declined to comment.
The talks, not previously reported, would give the successful bidder access to Vietnam's banking market and end Techcombank's search for a foreign strategic partner. Techcombank ranks among Vietnam's few large privately owned banks without such a partner in place.
Valuation and ownership limits
According to the sources, Techcombank is seeking a valuation of around two times its book value. A 15% stake at that valuation would be worth approximately USD 2 billion, representing a premium of about 55% over the bank's last closing share price. Techcombank shares rose as much as 7% in afternoon trading following the initial report.
Vietnam caps foreign ownership in most banks at 30%. Foreign investors currently hold around 20.5% of Techcombank, and the sources said prospective bidders are considering several routes to a stake, including purchases from existing foreign shareholders. No formal agreement has been reached, and the sources cautioned there is no certainty the discussions will lead to a deal. Techcombank is expected to select only one of the two banks. A deal, if reached, could be concluded by the end of 2026 or in the first half of 2027, depending on how negotiations progress.
Foreign interest in Vietnamese banking
The discussions come as foreign banks seek greater exposure to Vietnam's banking sector, partly through hard-currency lending to local banks facing higher domestic funding costs and government pressure to expand credit. Japanese and South Korean banks already hold strategic stakes in some of Vietnam's largest lenders; Sumitomo Mitsui Banking Corp acquired a 15% stake in VPBank in 2023. Analysts noted that additional foreign entrants could emerge under Vietnam's plan to establish international financial centres, although details of that framework remain unclear.
BNP Paribas and KB Kookmin Bank both operate branches in Hanoi and Ho Chi Minh City, while KB Financial Group, Kookmin's parent, holds a majority stake in a securities unit in Vietnam. A stake in Techcombank would offer either bank exposure to Vietnam's expanding middle class and growing demand for wealth management and private banking services.
Founded in 1993, Techcombank served more than 18 million clients at the end of 2025 and covered more than half of Vietnam's high-net-worth and affluent customer segment, according to its 2025 annual report. The bank's total assets reached 1,273 trillion dong (USD 48.76 billion) at the end of June 2026, with customer deposits of 697.4 trillion dong. First-half pretax profit rose 22.5% year-on-year to 18.5 trillion dong, driven by growth in net interest and fee income, the bank said.
