April 13, 2018 / 4:37 AM / a year ago

Vietnam's Techcombank launches up to $920 mln equity offering - term sheet

SINGAPORE, April 13 (Reuters) - Vietnam Technological and Commercial Joint Stock Bank (Techcombank) IPO-VTC.HM kicked off on Friday an equity offering worth as much as $920 million, with global funds coming in as cornerstone investors, a term sheet of the deal showed.

Vietnam’s largest private sector bank agreed to bring in Singapore wealth fund GIC, Fidelity Management and Research and Dragon Capital among its cornerstone investors, according to the term sheet seen by Reuters.

The issue, one the largest equity offerings in the country, comes at a time when the Southeast Asian nation is speeding up its privatisation drive and local markets are on the rise.

Techcombank declined to comment on the equity offering.

Morgan Stanley, Viet Capital Securities and Deutsche Bank are the joint global coordinators for the issue. (Reporting by Anshuman Daga Editing by Muralikumar Anantharaman)

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