Mayer Brown represented both Standard Chartered APR and Standard Chartered Bank (Hong Kong) on the divestment of all 154 million of their shares in Asia Commercial Bank (ACB), one of Vietnam’s largest private sector banks. These shares represent 15% of ACB’s capital.
Standard Chartered APR sold 8.75% of ACB’s capital (approximately 90 million shares) to Estes Investment Ltd and Sather Gate Investment, while Standard Chartered Bank (Hong Kong) sold its 6.25% stake (or 64 million shares) to Boardwalk South, Whistler Investment and Estes Investment.
The Mayer Brown team was led by Ho Chi Minh City-based Corporate & Securities partner David Harrison and included partner Hoang Anh Nguyen (Hanoi) and senior associate Orsolya Szotyory-Grove (Ho Chi Minh City).
Asia Commercial Bank was founded in Ho Chi Minh City in 1993. The bank has over 350 branches and sub-branches nationwide with around 9,935 employees and total assets of approximately US$9.348 billion, at the end of 2015.