BNP Paribas, KB Kookmin in talks 15% Techcombank

France's BNP Paribas and South Korea's KB Kookmin Bank are in separate talks to acquire at least 15% of Techcombank, Vietnam's third-largest private bank, with potential deals valued around $2 billion. A 15% stake at that price would be roughly twice Book Value and about 55% above the current share price, reflecting the premium buyers are willing to pay for growth access. Vietnam's foreign ownership cap of 30% means bidders may need to buy out existing foreign holders or structure secondary blocks, given Techcombank's roughly 20.5% foreign ownership. No formal agreement has been reached, and Techcombank could select only one bidder, potentially ending the bank’s years-long search for a foreign strategic partner. The talks underscore the appeal of Vietnam's expanding banking market and the strategic benefit of a foreign partner for Techcombank. Analysts note that the premium pricing signals expectations of growth and access to a scarce, high-potential platform in Vietnam.