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Singapore's GIC to take 7.7 percent stake in Vietnam's Vietcombank

Reuters
A security guards outside a branch office of Vietcombank in Hanoi, Vietnam August 5, 2016. REUTERS/Kham/Files

SINGAPORE (Reuters) - Singapore sovereign wealth GIC Pte Ltd said on Monday it will acquire a 7.73 percent stake in Vietcombank (VCB.HM), Vietnam's biggest lender by market capitalisation.

GIC will purchase 305,810,895 new shares in Vietcombank as part of the deal, it said in a statement without disclosing the value of the transaction.

Reuters had reported earlier this month GIC is in talks to own a stake of at least 7 percent in Vietcombank in what would be the sovereign wealth fund's second major investment in Vietnam this year.

(Reporting by Saeed Azhar; Editing by Muralikumar Anantharaman)