Singapore's GIC to take 7.7 percent stake in Vietnam's Vietcombank

SINGAPORE (Reuters) - Singapore sovereign wealth GIC Pte Ltd said on Monday it will acquire a 7.73 percent stake in Vietcombank , Vietnam's biggest lender by market capitalisation.

GIC will purchase 305,810,895 new shares in Vietcombank as part of the deal, it said in a statement without disclosing the value of the transaction.

Reuters had reported earlier this month GIC is in talks to own a stake of at least 7 percent in Vietcombank in what would be the sovereign wealth fund's second major investment in Vietnam this year.

(Reporting by Saeed Azhar; Editing by Muralikumar Anantharaman)