Investment trust VinaCapital Vietnam Opportunity Fund has invested in Ho Chi Minh City Development Joint Stock Commercial Bank. The business is better known as HDBank and is a leading private retail bank in Vietnam.
The c$22m investment was part of a broader fundraising by HDBank ahead of its IPO (initial public offering).
Andy Ho, managing director of the fund, said: 'HDBank is one of the most innovative and fastest-growing retail banks in Vietnam today, and we are excited to be a part of the bank's initial public offering.
'The experienced management team has shown it can profitably grow the bank, and we look forward to working with them as they continue to implement their clear vision for expanding the bank further.'