The An Binh Commercial Joint-stock Bank (ABB) will open a fund management subsidiary and a US$ 100 million private investment in the early 4th quarter of this year.
ABB will also unveil its total development strategy aiming to become a much larger financial banking group expanding on many businesses fronts into investment management, investment banking, real estate, financial investment, stock trading, asset management, and debt trading.
This is the second private equity fund founded in Viet Nam after the Thanh Viet Fund Management Joint-stock Company’s (TVMC) Sai Gon Fund A1, which set out to raise VND 20 billion in late 2005 without much success. If ABB’s fund fares as well as planned, it will be the fourth equity fund in Viet Nam, after the Viet Nam Securities Investment Fund (VF1), Sai Gon Fund A1 and the Prudential Balanced Fund (PRUBF1).
Investing members of the fund include large domestic enterprises such as the Electricity of Viet Nam (EVN), the Vietnam Dairy Products Joint-stock Company (Vinamilk), the Ha Noi General Import – Export Company (Geleximco), the Petro Viet Nam Finance Company (PVFC), the Investment and Construction Development Company (Invesco) and the Computer Communication Company (CMC Group) as well as foreign investment partners.