BNP Paribas, KB Kookmin Eye $2 Billion Techcombank Stake

France’s BNP Paribas and South Korea’s KB Kookmin Bank are separately exploring the acquisition of at least a 15% stake in Vietnam’s Techcombank, a potential transaction valued at around $2 billion, according to two people familiar with the discussions.

A successful deal would provide the winning bidder with a significant foothold in Vietnam’s rapidly expanding banking sector while bringing Techcombank’s long-running search for a foreign strategic investor closer to completion.

Techcombank is reportedly seeking a valuation of roughly twice its book value. At that level, a 15% holding in Vietnam’s third-largest privately owned bank by assets would be worth about $2 billion, representing an estimated 55% premium to its current market valuation. Techcombank shares were down 9% for the year through Tuesday.

KB Kookmin declined to address what it described as market speculation, while representatives for BNP Paribas and Techcombank also declined to comment.

Vietnam generally limits foreign ownership in domestic banks to 30%. Foreign investors currently hold about 20.5% of Techcombank, prompting potential bidders to consider several transaction structures, including purchasing shares from existing overseas shareholders.

No formal agreement has been reached, and Techcombank is expected to choose only one of the two prospective strategic investors. Valuation remains a key obstacle, with the bank seeking a substantial premium that reflects its growth prospects and the scarcity of large Vietnamese banking platforms available to foreign investors. A transaction could be finalized by the end of 2026 or during the first half of 2027.

Vietnam’s banking industry has increasingly attracted international financial institutions seeking exposure to the country’s growing middle class, expanding wealth management market and rising private banking demand. Japan’s Sumitomo Mitsui Banking Corp, for example, acquired a 15% stake in VPBank in 2023.

Founded in 1993, Techcombank served more than 18 million customers at the end of 2025. Its total assets reached 1,273 trillion dong ($48.76 billion) by the end of June 2026, while customer deposits stood at 697.4 trillion dong.

The bank also reported a 22.5% year-on-year increase in first-half pretax profit to 18.5 trillion dong, supported by stronger net interest and fee income.