Lotte Card announced on March 12 that the Vietnamese government allowed it to acquire 100% of Techcom Finance shares. By taking over the local retail banking company, Lotte Card has become the first South Korean credit card company entering the Vietnamese market.
That day, Lotte Card and Vietnam-based Techcom Finance closed the deal at Lotte Hotel Hanoi. The signing ceremony was attended by Lotte Card CEO Kim Chang-kwon, Techcombank CEO Nguyen Le Quoc Anh, and Bui Huy Tho, who is in charge of licensing at the State Bank of Vietnam.
Techcom Finance is a Vietnamese retail banking company that has banking business licenses in installment finance, credit card, consumer loan, etc.
Lotte Card and Techcom Finance signed a stock purchase agreement for the deal in September last year and obtained the final approval from the Vietnamese government on March 6. Lotte Card is planning to finish its preparation for business in Vietnam within one year.