BNP Paribas, KB Kookmin in Talks to Buy 15% of Techcombank for $2B

Overview

Reuters reports that BNP Paribas of France and KB Kookmin Bank of South Korea are separately negotiating to buy at least 15% of Techcombank (TCB) as strategic investors. The deal could be worth around $2 billion, marking a potential end to Techcombank’s long search for a foreign strategic partner. Talks are preliminary, and no formal agreement has been reached.

Key Facts

• BNP Paribas and KB Kookmin Bank are in separate negotiations to buy at least 15% of Techcombank.
• The deal could be valued at approximately $2 billion, implying a valuation of about 2x book value.
• The implied price is roughly 55% higher than Techcombank’s current market price.
• Techcombank shares have fallen 9% year-to-date as of August 25, 2026.
• Foreign ownership in Techcombank is currently around 20.5%, below the 30% cap for Vietnamese banks.
• In 2023, Sumitomo Mitsui Banking Corp bought 15% of VPBank, a comparable strategic investment.
• No formal agreement has been signed; Techcombank may choose only one of the two bidders.

What Happened

According to Reuters, BNP Paribas and KB Kookmin Bank are each holding preliminary talks to acquire at least 15% of Techcombank, Vietnam’s third-largest private bank by total assets. The potential transaction, valued at around $2 billion, would give the chosen investor strategic access to one of Vietnam’s fastest-growing banking markets. Techcombank is reportedly seeking a valuation of roughly 2 times book value, which would represent a significant premium over its current market price.

Sources indicate that the parties are considering various options, including buying shares from existing foreign investors. However, valuation remains a major sticking point, and no definitive agreement has been reached. Techcombank, BNP Paribas, and KB Kookmin Bank have all declined to comment, with KB Kookmin citing South Korean disclosure regulations.

Market Context

Techcombank (HOSE: TCB) closed at VND 31,300 on August 25, 2026, reflecting a 9% decline year-to-date. The banking sector in Vietnam is under pressure from rising domestic funding costs, while the government pushes for credit expansion. Foreign banks are increasingly seeking to expand their presence in Vietnam, both through branches and strategic stakes. The potential deal comes amid a broader trend of foreign investment in Vietnamese banks, following SMBC’s 15% stake in VPBank in 2023.

Strategic Significance

A successful deal would provide Techcombank with a strong foreign strategic partner, potentially enhancing its capital base, governance, and access to international markets. For the chosen investor, it offers a foothold in a high-growth banking market with a young, underbanked population. The premium valuation reflects Techcombank’s strong fundamentals and growth prospects. However, the outcome is uncertain, and the negotiation highlights the ongoing interest of foreign banks in Vietnam’s financial sector, which could lead to further consolidation and strategic partnerships.

What to Watch

• Official confirmation from Techcombank or the involved banks regarding the negotiations.
• Any regulatory filings with the State Bank of Vietnam or the Hanoi Stock Exchange.
• Updates on foreign ownership limits and any changes to the 30% cap.
• Techcombank’s Q3 2026 earnings report for signs of financial performance and capital needs.
• Market reaction to any news about the potential deal, including share price movements and trading volumes.