The Big Bank Deals of 2025: A Roundup

Techcombank Plans TCBS IPO for Late 2025

The most notable transaction is the initial public offering (IPO) of Techcom Securities Joint Stock Company (TCBS) by Techcombank.

At the 2025 Annual General Meeting of Shareholders, Techcombank Chairman Ho Hung Anh stated that the bank plans to conduct the TCBS IPO in 2025. However, this will depend heavily on the financial market, market trends, and some issues related to the upgrade of the Vietnamese stock market.

“We will choose the right time, but it will be soon. Currently, the Board of Directors has a plan, has come up with different scenarios, and has hired a consulting unit,” said Chairman Ho Hung Anh.

According to Techcombank’s management, the TCBS IPO is one of the main drivers to achieve the $20 billion capitalization target. Currently, TCBS contributes 10-20% of Techcombank’s profits and has the potential to be valued at between $2.5 and $4 billion, thereby increasing the overall value of the bank.

Two Banks to List Shares in 2025

Ho Chi Minh City Stock Exchange (HOSE) has recently received a registration for listing nearly 540 million shares of VietABank (Code: VAB) on May 14, 2025.

Currently, VAB shares are traded on the UPCoM Stock Exchange with nearly 540 million circulating shares. At the close on May 16, the VAB share price stood at 11,600 VND/share, up more than 27% since the beginning of the year. Market capitalization is approximately VND 6,300 billion.

Earlier, at the 2025 Annual General Meeting of Shareholders, VietABank shareholders approved the listing of all the bank’s circulating shares on the Stock Exchange (HOSE). In addition, the VietABank Board of Directors was authorized to handle other matters related to the listing.

According to the bank’s management, the listing of VietABank shares aims to implement the Government’s Directive on “Restructuring the system of credit institutions in conjunction with handling bad debts in the 2021-2025 period”, with the goal of listing the shares of joint-stock commercial banks on the Vietnamese stock market by 2025.

Updating on the progress, VietABank General Director Nguyen Van Trong said that VietABank has officially submitted the dossier to HOSE and has received a written response.

“After the General Meeting of Shareholders, VietABank will closely follow the procedure to officially list the shares. We are expediting this as quickly as possible, expected to be completed within 2 months to transfer from UPCoM to HOSE,” said Mr. Trong.

VietABank Chairman Phuong Thanh Long also considered this an opportunity for VietABank to approach investors, increase transaction volume, and help the market better evaluate and perceive the bank’s value. “The listing is expected to be completed in the third quarter of 2025, which will help boost share trading,” said Mr. Long.

Along with VietABank, the 2025 Kienlongbank Annual General Meeting of Shareholders (Code: KLB) also approved the plan to list shares on the stock exchange.

The bank stated that listing shares is necessary to demonstrate the bank’s increasing transparency in its operations as a large public company, enhancing its operational capacity and competitiveness.

The plan to list shares is a very important task, and the Kienlongbank Board of Directors will urgently implement the necessary procedures to expedite the listing.

“We will expedite the process, but the procedure will require the approval of the competent state agencies. The goal is to complete the listing in the fourth quarter of 2025,” said Kienlongbank Chairman Tran Ngoc Minh.

Vietcombank and BIDV Offer Shares

At the recent Annual General Meeting, Vietcombank approved a plan to issue private placement shares to increase its charter capital. Specifically, the bank will offer a maximum of 543.1 million shares to a maximum of 55 investors, including strategic investors and professional securities investors. (equivalent to 6.5% of the outstanding shares at the time of the offering or at the time of the first offering in case of multiple offerings)

The offering can be made in one or more offerings during 2025-2026. The timing and number of shares offered in each offering will be based on the actual demand of investors.

In its 2025 capital increase plan, BIDV also expects to issue additional shares to investors through private placement or public offering with a maximum of 269.846 million shares (equivalent to 3.84% of the outstanding shares as of March 31, 2025)

Sacombank, MSB, and SeABank Plan to Acquire Securities Companies

The recent Annual General Meeting of Sacombank shareholders approved the plan of the Board of Directors to purchase a securities company to become a subsidiary of the bank. Accordingly, Sacombank will contribute capital/purchase shares of a securities company, with a holding rate of over 50%, with a total investment value of up to VND 1,500 billion.

Currently, Sacombank holds nearly 14% of SBS Securities Joint Stock Company. Once a parent company, Sacombank started divesting from SBS in 2011 and even intended to sell all its capital from this securities company to restructure inefficient investments. However, Sacombank’s leadership affirmed to its shareholders that the bank would choose a new securities company, not buy back SBS capital. The identity of this company has not yet been revealed.

At the recent General Meeting, shareholders also approved MSB to contribute capital, purchase shares of securities companies, and fund management companies to become subsidiaries of MSB.

According to General Director Nguyen Hoang Linh, MSB targets securities companies with clean assets and a charter capital of about VND 300-500 billion. MSB will then participate in the management and adjust the capital increase accordingly, while also supporting related products.

The SeABank Annual General Meeting of Shareholders also approved the plan to purchase shares of ASEAN Securities Joint Stock Company (“ASEAN Securities”) to make it a subsidiary of SeABank.

Currently, ASEAN Securities has a charter capital of VND 1,500 billion. SeABank plans to buy shares to own up to 100% of the securities company’s capital. The expected timeline for this acquisition is within 2025 and/or in accordance with the approval of the competent state agencies, legal regulations, and practical situations.