Vietnam’s DongA Bank is seeking the government’s permission to sell 49% of its stake to foreign investors, in a bid to raise funds for restructuring.

According to DongA Bank CEO Tran Phuong Binh, multiple foreign investment funds have expressed interest in buying the stake, which is worth VND4.9trn (about $222m).

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The deal could face regulatory hurdles, with the country’s existing law capping foreign ownership in local banks at 30%.

"If the plan is approved, foreign investors will become strategic shareholders of DongA," Binh was quoted as saying by thanhniennews.com.

Binh expects the plan to be sealed within three to four months, adding that it would help the bank reduce bad debt.

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