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Vietnam’s Sacombank May Sell 15% Stake to Credit Suisse

Saigon Thuong Tin Commercial Joint-Stock Bank may sell as much as a 15 percent stake to Credit Suisse Group AG, the Vietnamese lender’s Chief Executive Officer said. The bank’s stock rose to the highest level in almost a month in Ho Chi Minh City.

Sacombank, as the lender is known, will start negotiations with Zurich-based Credit Suisse on a sale next month, Tran Xuan Huy said in a phone interview today. He declined to comment on the value of the stake or timing of the transaction.