7 April 2011 - Gide Loyrette Nouel advises IFC on its USD 307 million investment in Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank):

Gide Loyrette Nouel (GLN) has assisted IFC (International Finance Corporation), a member of the World Bank Group, and IFC Capitalization Fund in investing up to USD 182 million in equity and USD 125 million in subordinated debt in Vietnam Joint Stock Commercial Bank for Industry and Trade, commonly known as VietinBank.

The equity investment represents approximately 10% of Vietinbank's increased charter capital. It is a milestone in Vietnam as VietinBank is the first state-owned Vietnamese bank to allow a strategic foreign investor to take an equity stake. The subordinated loan has been structured to qualify as "Tier II" capital under new regulations in Vietnam.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. The IFC Capitalization Fund is a global equity and subordinated debt fund founded by IFC and the Japan Bank for International Cooperation. It is managed by IFC Asset Management Company, LLC, and supports banks considered vital to the financial systems of the emerging market countries in which they operate.

The GLN legal team in Vietnam advising the client on this project was led by Samantha Campbell, resident partner based in Ho Chi Minh City, with assistance from senior associates Pham Bach Duong, Rebecca Finn and Huynh Tuong Long, and in cooperation with the Hong Kong office (partners Rebecca Silli and Balbir Bindra).