“Techcombank Seeks Strategic Partnerships: Embracing New Opportunities for Growth”
In a notable move, Vietnam’s leading private bank, Techcombank, is actively seeking new strategic partnership opportunities. As shared by CEO Jens Lottner in an interview with Bloomberg TV, the bank is open to selling a 15% stake to the right investor, with a particular focus on those with strong capabilities in technology.
 CEO Jens Lottner shares insights on Techcombank’s strategic vision.
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This development comes amidst a surge of investments from Singapore, Japan, and South Korea into the vibrant Vietnamese market. With the backing of Warburg Pincus, a prominent investment firm, Techcombank aims to capitalize on these trade corridors to expand its operations.
Foreign investors currently hold approximately 22% of the bank’s shares, as per Lottner. Given Vietnam’s foreign ownership limit of 30% for banks, Techcombank will need some existing shareholders to sell before offering the desired 15% stake.
The bank is also in the early stages of approaching new insurance partners following its decision to end its collaboration with Manulife Vietnam, as mentioned by Lottner. More details about this process are expected to emerge in the next six months.
Techcombank’s financial performance in the first nine months of the year was impressive, with a 33.5% year-on-year increase in pre-tax profits, reaching nearly VND 22,800 billion (approximately USD 898 million). As of September 30, the bank has attracted 14.8 million customers, with nearly 500,000 new customers in the third quarter alone. Notably, approximately 57% of these new customers were acquired through digital channels, showcasing the success of their digital strategy.
The bank’s total assets as of September 30 stood at VND 927,100 billion, representing a 9% increase from the start of the year. With a target of VND 27,100 billion in pre-tax profits for 2024, an ambitious 18% higher than the previous year, Lottner remains optimistic. He attributes this confidence to the booming Vietnamese economy, which presents abundant opportunities for the bank’s growth in the coming years, and potentially the next decade.
Techcombank’s stock has outperformed the market, surging over 42% year-to-date, far exceeding the 8% gain of the VN-Index.
This proactive pursuit of strategic partnerships and the bank’s strong financial performance underscore Techcombank’s commitment to growth and innovation in the dynamic Vietnamese market.
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