BNP Paribas and KB Kookmin Eye $2 Billion Stake in Vietnam's Techcombank

Techcombank is pushing for a valuation roughly double its book value, a figure that represents a 55% premium over its current market price. While the bank has spent years searching for a foreign strategic partner, this valuation remains the primary obstacle in ongoing discussions. Sources familiar with the matter indicate that the lender will likely select only one of the two bidders, though no formal agreement has been finalized.

Securing this stake would provide the winning bidder with a rare entry point into a market where foreign ownership is capped at 30%. With over 18 million clients and a commanding presence among the country's affluent demographic, Techcombank offers substantial exposure to Vietnam's rising wealth management demand. Both BNP Paribas and KB Kookmin already maintain an operational footprint in Hanoi and Ho Chi Minh City, yet a strategic partnership would significantly deepen their influence in the region. Should negotiations progress, a deal could be completed between late 2026 and the first half of 2027.