Warburg Pincus is investing more than $370 million in Vietnam Technological and Commercial Joint Stock Bank (Techcombank) IPO-VTC.HM, in what it said was the largest ever private equity investment to date in the Southeast Asian nation.

Share listings and equity offerings are booming in Vietnam as the country speeds up its privatization drive, supported by a strong stock market. Vietnam’s main stock index .VNI rose nearly 50 percent last year, making it Asia’s strongest performer.

Warburg Pincus did not disclose the size of its stake in the bank following the transaction but a source familiar with the matter said it would own less than 10 percent and that it would become one of the bank’s biggest shareholders.

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