BNP Paribas, KB Kookmin in talks for $2 billion Techcombank Vietnam stake, sources say

• Techcombank is Vietnam's third-largest privately owned bank with $48.76 billion in total assets and serves over half of the country's high-net-worth and affluent clients among its 18 million customers
• The bank's first-half 2026 pretax profit rose 22.5% year-over-year to $708 million, driven by growth in net interest income and fee income
• A deal could be reached by end of 2026 or first half of 2027, though valuation remains the main hurdle as Techcombank seeks a sharp premium to current market value

Summary: BNP Paribas and KB Kookmin Bank Pursue $2 Billion Techcombank Stake

France's BNP Paribas and South Korea's KB Kookmin Bank are in separate negotiations to acquire at least a 15% stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank), in a deal potentially worth $2 billion, according to sources familiar with the discussions.

Key Deal Terms:

• Techcombank is seeking a valuation of approximately 2x book value
• The proposed price represents a 55% premium over current market price
• Only one bidder will likely be selected
• Deal timeline: potentially concluded by end of 2026 or first half of 2027
• Valuation gap remains the primary negotiation hurdle

Company Profile:

Techcombank is Vietnam's third-largest privately owned bank by total assets, with $48.76 billion in assets as of June 2026. The bank serves over 18 million clients and covers more than half of Vietnam's high-net-worth and affluent customers. First-half 2026 pretax profit increased 22.5% year-over-year to 18.5 trillion dong, driven by net interest and fee income growth.

Market Context:

Vietnam caps foreign ownership in banks at 30%; Techcombank currently has 20.5% foreign ownership. The bank is one of few large privately owned Vietnamese banks without a foreign strategic partner. Japanese and South Korean banks have already established positions in Vietnamese lenders, with Sumitomo Mitsui acquiring a VPBank stake in 2023.

Strategic Rationale:

The winner would gain rare access to Vietnam's expanding middle class, growing wealth management demand, and fast-developing private banking sector. Both BNP Paribas and KB Kookmin already operate branches in Vietnam's major cities.