Ocean Commercial Bank will acquire 11 percent in Gia Dinh Development Investment Corp for VND44 billion (US$2.3 million) and provide banking services to the property firm.

Under an agreement signed last Thursday, the bank will lend as well as syndicate loans, facilitate local and international payments, and sell foreign exchange.

GDI owns Gia Dinh Plaza, Lega Fashion Plaza, and Sagoda in Ho Chi Minh City.

It has also signed a deal with Ocean Securities Co to use its brokerage services.

GDI was established in 2007 by Gia Dinh Textile & Garment Corp, Saigon 3 Garment Joint Stock Co, and Khang Thong Construction Trading Service Joint Stock Co.

Source: Tuoi Tre