Franklin Resources of San Mateo, Calif., has agreed to acquire a 49% majority stake in Vietcombank Fund Management, the Hanoi, Vietnam-based private equity investment division of Vietcombank. Franklin, parent of Franklin Templeton, currently manages more than $605 billion.

Vietcombank was established in 1963 as a state-owned commercial bank and is still under communist rule and is the oldest bank for external affairs in Vietnam. Vietcombank will retain its 51% interest in the investment management subsidiary.

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