Sumitomo Mitsui Financial Group’s Acquisition of 49% Stake in FE Credit

YKVN acted as counsel to Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) in the sale of 49% of stake in VPBank Finance Company Limited (FE Credit) to Sumitomo Mitsui Financial Group (SMFG) through its affiliate, SMBC Consumer Finance (SMBCCF).

The publicly reported deal value is up to 150 billion yen ($1.4 billion).

The signing ceremony on the sale between VPBank and SMBCCF was carried out on April 28, 2021, in Hanoi, marking the biggest investment by a Japanese bank in the Vietnam’s biggest nonbank lender.

FE Credit is the leading consumer finance company in Vietnam. The company provides nearly 11 million clients with mortgage lending products and services through 20,000 service provision locations nationwide.

SMBCCF is one of the leading Japanese consumer finance companies.

YKVN deal team was led by Managing Partner, Truong Nhat Quang (Picture) assisted by Counsel, Nguyen Van Hai and Senior Associate, Krissen Pillay.

 

Involved fees earner: Hai Van Nguyen – YKVN; Krissen Pillay – YKVN; Quang Nhat Truong – YKVN;

Law Firms: YKVN;

Clients: Vietnam Prosperity Joint Stock Commercial Bank;

Author: Sonia Carcano