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Business trends

South Korean banks race into Vietnam, drawn by deregulation

KEB Hana tipped to buy BIDV stake, while Shinhan surpasses HSBC as top foreign bank

Commuters in Ho Chi Minh City. South Korean banks are keen to expand their presence in Vietnam and its enormous economic growth potential. (Photo by Ken Kobayashi)

SEOUL -- South Korean banks are scrambling to expand their presence in Vietnam, betting on the emerging country's growth potential and its intent to loosen foreign ownership limits.

KEB Hana Bank, South Korea's second-largest lender by assets, is in talks with Vietnam's central bank to buy a 17.65% stake in Bank for Investment and Development of Vietnam, a source said. The deal price is expected to reach 30 billion won ($26.6 million).

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