Local bank partners up with airport service provider

Vietnam Bank for Industry and Trade, known as Vietinbank, has entered into full cooperation with the Southern Airport Corporation in a move to boost and expand businesses of both companies.

Vietinbank’s total assets account to more than VND200 trillion (US$12.3 billion) in April.

The country’s third-biggest bank by assets plans to conduct an initial public offering by the end of the year, Dau Tu Chung Khoan reported, citing the company’s Chairman Pham Huy Hung.

VietinBank submitted a detailed plan of the floatation to Prime Minister Nguyen Tan Dung in early April, the newspaper said citing Hung.

Dung’s office will set the timing and price.

The lender will likely to sell a 25 percent stake to local and overseas investors, according to the report.

Thanhnien

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