Military Commercial Joint Stock Bank (MB Bank) is planning to divest its stake in the Cambodian arm to Japan’s Shinsei BankBloomberg has reported.

MB Bank CEO Luu Trung Thai said that the Vietnamese bank will sell a nearly 49% stake in the Cambodian unit as early as the fourth quarter of 2022.

Without revealing the financial details of the transaction, Thai said that MB Bank spent $75m to create the Cambodian entity, which was founded in 2018.

MB Bank’s chief revealed that the bank will buy an embattled Vietnamese bank this year.

“We see taking on a restructured bank as a challenge but also an opportunity for us to grow as it will help us boost our total assets and lending,” Thai was quoted by the publication as saying.

The move is part of the efforts to revitalise Vietnam’s banking industry, which is reeling under the pressure of bad debt.

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Vietnam’s government plans to restructure OceanBank, Vietnam Construction Bank, and GPBank.

As per the report, the Hanoi-based bank is targeting a profit growth of 23% this year and expects around a 20% rise in credit growth and up to an 18% increase in assets in 2022.

Additionally, MB Bank aims to add 100,000 business customers and up to five million retail customers to its clientele each year.

The news comes after Japanese financial conglomerate SBI acquired a near controlling stake (48%) in Shinsei Bank.