The HCM City Development Joint Stock Commercial Bank (HDBank), a leading private bank in Viet Nam, is now the sole owner of Societe Generade's credit consumer finance subsidiary in Viet Nam, Societe Generade Viet Finance Co Ltd (SGVF).— Photo tapchitaichinh

HCM CITY (Biz Hub)— In a landmark transaction last week, a credit institution was sold as a corporate entity in Viet Nam with approval from the central bank.

The transaction is special as it breaks from the usual path of an entity being acquired or merged by asset transfer.

The HCM City Development Joint Stock Commercial Bank (HDBank), a leading private bank in Viet Nam, is now the sole owner of Societe Generade's credit consumer finance subsidiary in Viet Nam, Societe Generale Viet Finance Co Ltd (SGVF).

Gide, a premier international law firm, advised Societe Generade on the sale of its wholly owned Vietnamese consumer finance subsidiary.

The finance company was one of the first and largest foreign-invested finance companies in Viet Nam, licensed in 2007.

This transaction was implemented against the current trend of consolidation and restructuring of the banking sector in Viet Nam, and this opens the way for other transactions to be structured in a similar manner. — VNS