Techcombank

Vietnam Technological and Commercial Joint Stock Bank, commonly referred to as Techcombank,[1] is a publicly listed Vietnamese bank.[2] Its shares are traded on the Ho Chi Minh City Stock Exchange under ticker TCB.[3]

Techcombank's logo

History and ownership

Techcombank (TCB) was founded in 1993[4]  by Vietnamese businessmen who returned from Russia. Its domestic investors include Vietnam Airlines[5] and Masan Group.[6]  In 2005, global bank HSBC acquired a 10% stake in Techcombank.[7][8] In 2008, HSBC increased its stake in the bank to 20% by making a follow-on investment of $77.1 million.[9][10] In 2017, HSBC divested its strategic investment in Techcombank by selling its 172 million share stake.[5] In 2018, US private equity firm Warburg Pincus invested $370 million.[11]

In 2018, the company listed its shares on the Ho Chi Minh City Stock Exchange. The company raised more than $900 million through the IPO, making it Vietnam’s largest IPO to date.[12][2] The majority of the IPO shares was reserved for so-called cornerstone investors,[13] i.e. institutional investors which included GIC,[14] Fidelity and Dragon Capital.[15] 

Today, Techcombank is one of the largest joint stock banks in Vietnam.[16]  As of 2019, it has more than 300 branches[17] and serves more than 5 million customers.[5] As of 2021, the bank's total assets and net income were VND 568,811bn ($24.89bn) and 18,038bn ($789 million) respectively.[18]

References
  1. Mendoza, Carmela (2018-03-14). "Warburg seals biggest PE deal in Vietnam". Private Equity International. Retrieved 2020-06-02.
  2. "Vietnam's Techcombank sinks on debut". Financial Times. Retrieved 1 June 2020.
  3. "TCB.VN | Vietnam Technological & Commercial JS Bank Stock Price & News - WSJ". www.wsj.com. Retrieved 2020-06-02.
  4. "FORM 6". www.sec.gov. Retrieved 2020-06-02.
  5. "Warburg Pincus to pump $370m into Vietnam's Techcombank". Nikkei Asian Review. Retrieved 2020-06-02.
  6. "TPG invests in Vietnamese food produce". Financial Times. Retrieved 1 June 2020.
  7. Linebaugh, Kate (2007-02-02). "Global Banks Continue Their Push Into Vietnam". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-02.
  8. "HSBC gains new foothold in Vietnam". Financial Times. Retrieved 1 June 2020.
  9. "HSBC Adds to StakeIn Vietnamese Bank". Wall Street Journal. 2008-08-29. ISSN 0099-9660. Retrieved 2020-06-02.
  10. "HSBC to double stake in Vietnam". Financial Times. Retrieved 1 Jun 2020.
  11. Venkat, P. R. (2018-03-12). "Warburg Pincus Will Invest Over $370 Million In Vietnam's TechcomBank". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-02.
  12. "Techcombank to price Vietnam's biggest IPO at top end, raise $922 million: source". Reuters. 2018-04-23. Retrieved 2020-06-02.
  13. VIR, Vietnam Investment Review- (2018-04-29). "164 million Techcombank shares sold out to institutional investors". Vietnam Investment Review - VIR. Retrieved 2020-06-02.
  14. "GIC Is Said Poised to Invest in Techcombank's $900 Million IPO". Reuters. Retrieved 1 June 2020.
  15. "Techcombank kicks off Vietnam's biggest IPO". The Business Times. 2018-04-14. Retrieved 2020-06-02.
  16. "Techcombank places 1.65mn shares with institutional investors". vneconomictimes.com. Retrieved 2020-06-02.
  17. VIR, Vietnam Investment Review- (2019-10-04). "Techcombank ranks third in top 500 most profitable companies". Vietnam Investment Review - VIR. Retrieved 2020-06-02.
  18. "Registration". markets.jpmorgan.com. JPMorgan. Retrieved 2023-04-21.
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