KB Kookmin Says Techcombank Stake Talks Not Specific, One of Many Candidates

Overview

KB Kookmin Bank has responded to reports that it and BNP Paribas are in talks to buy at least 15% of Techcombank (TCB) for about $2 billion, but says Techcombank is only one of many potential candidates and no specific negotiations have begun. The news, first reported by Reuters and covered by Seoul Economic Daily on August 26, has drawn attention to Techcombank’s strategic foreign investor potential.

Key Facts

• KB Kookmin Bank and BNP Paribas are reportedly in separate talks to buy at least 15% of Techcombank, with a deal size of about $2 billion (2,760 billion won).
• Techcombank is the third-largest private bank in Vietnam by total assets, with total assets of about 1,273 trillion VND (48.76 billion USD) as of end-June 2026.
• Customer deposits reached 697,400 billion VND, and the bank surpassed 18 million customers by end-2025.
• Techcombank is reportedly seeking a valuation of about 2 times book value, implying a 15% stake could be worth about $2 billion, about 55% higher than the market-implied valuation.
• Foreign investors currently hold about 20.5% of Techcombank, while the foreign ownership limit for most Vietnamese banks is 30%.
• Techcombank is one of the few large private banks in Vietnam without a foreign strategic shareholder since HSBC sold its entire stake in 2017.

What Happened

According to Seoul Economic Daily on August 26, KB Kookmin Bank is considering buying a stake in Techcombank, one of Vietnam’s largest private banks. This follows a Reuters report citing sources that KB Kookmin and BNP Paribas are in separate negotiations to buy at least 15% of Techcombank as foreign strategic investors. The deal size is mentioned at around $2 billion.

A KB Kookmin representative said: “When considering buying shares to expand business, we regularly review dozens of domestic and foreign financial institutions as potential candidates.” The representative added: “Techcombank is only one of them, and we are not at the stage of specific negotiations or discussions about the acquisition.” The bank said the review process has not reached a deep stage.

Market Context

Techcombank (HOSE: TCB) closed at 33,450 VND on August 26, 2026. The banking sector in Vietnam has been attracting foreign interest due to strong economic growth and rising wealth management demand. Techcombank’s current foreign ownership at 20.5% leaves room for a strategic investor within the 30% limit. The absence of a foreign strategic shareholder since HSBC’s exit in 2017 makes TCB a unique candidate among large private banks.

Strategic Significance

If a deal materializes, it would provide Techcombank with a strategic foreign partner, potentially enhancing its wealth management and retail banking capabilities. For KB Kookmin, entering Vietnam’s banking market could offer growth opportunities in a fast-growing economy with a rising middle class. However, the valuation gap—Techcombank seeking 2x book value versus market pricing—remains a key hurdle. The outcome will depend on whether both parties can align on price and strategic fit.

What to Watch

• Any official announcement from Techcombank or KB Kookmin regarding negotiations.
• Regulatory filings with the State Bank of Vietnam or the Korean Financial Supervisory Service.
• Changes in Techcombank’s foreign ownership ratio or share price movements.
• Comments from BNP Paribas on its interest in Techcombank.
• Updates on Vietnam’s banking sector foreign ownership regulations.