The transactions that took place between February 21-26 increased the bank’s foreign ownership to 22.99 percent from the earlier 20.9 percent, according to a filing with the State Securities Commission (SSC).

The buyers included KIM Vietnam Growth Equity Fund, which purchased nearly 24 million shares and KITMC Worldwide Vietnam RSP Balance Fund, which bought 2.65 million shares. Both are subsidiaries of Korea Investment Management Co., Ltd (KIM), a leading South Korean fund management company.

Other buyers included Canada-based Fiera Capital Emerging Markets Fund, which bought 15.38 million shares, Japan’s TMAM Vietnam Equity fund, 10.9 million shares, and the US’s Franklin Templeton Investments, which bought more than 4 million shares.

The previous month, in January, MBBank had sold 21.43 million treasury shares to the same eight investment funds. Altogether, these transactions add up to roughly over $100 million to MBBank’s total equity, according to Vietnamese brokerage SSI Securities Inc., which was the sole advisor for the latest deal.

The eight foreign funds now hold a collective 4.45 percent stake in MBBank, according to the lender’s SSC filing.

Before the latest private placement, the government owned 44 percent of MBBank, which has a market cap of nearly $2 billion through several military-linked companies.

Domestic and foreign financial institutions own 11 percent, with the rest held by individual investors and entities like mutual funds.

Last year, the bank reported a pre-tax profit of over VND10 trillion ($433 million), up 29.2 percent year-on-year.