Techcombank welcomes increased foreign investment

November 15, 2023 | 18:03

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Jens Lottner, CEO of Techcombank, revealed the bank's readiness to entice more foreign investors to support its strategy for long-term partnerships in a Bloomberg TV interview on November 13.

Techcombank welcomes increased foreign investment

"There is considerable interest from foreign investors," Lottner noted, indicating a strategic opening in the bank's equity structure.

Currently, foreign shareholders own about 22 per cent of Techcombank's stakes, with the potential to increase their holdings to 30 per cent, the maximum limit for foreign ownership in Vietnamese banks.

Despite this, Lottner emphasised that the bank is not aggressively seeking foreign capital. "Techcombank is in a robust financial position, reducing the immediate need for fresh capital injection," said Lottner, suggesting the bank is adopting a selective approach to increasing foreign shareholding.

"Our focus is on aligning with both high-calibre strategic and long-term investors to shape our capital strategy for the future," he added.

Techcombank recorded a pre-tax profit of over VND 17 trillion (approximately $722 million) for the first nine months of the year, a 17.8 per cent decrease on-year, equalling 78 per cent of its annual plan.

As of the end of the third quarter, Techcombank's total assets had grown by 11.8 per cent since the beginning of the year, reaching VND 781.3 trillion (approximately $33 billion). Customer deposits stood at VND409 trillion (approximately $17.25 billion), marking a 14.1 per cent increase from the beginning of the year and a 7.1 per cent rise from the previous quarter.

Techcombank continues to maintain high industry standards, with a Capital Adequacy Ratio of 15 per cent and a Return on Assets of 2.4 per cent.

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By Trung Duong

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