Vietinbank to sell 10 percent stake to overseas investors

The Government has approved an equitisation plan of the Vietnam Industrial and Commercial Bank (Vietinbank), allowing it to sell 10 percent of its stake to foreign strategic investors in the first phase.

According to a decision signed by the Prime Minister on September 23, Vietinbank will be permitted to select a maximum of two foreign strategic investors, with the total stake offered to foreign investors through different phases not exceeding 20 percent of its total charter capital.

Vietinbank will also be allowed to issue shares to attract more capital on the principle that the State holds a controlling stake, which must be at least 51 percent of its charter capital.

The State Capital Investment Corporation acts as the owner of the state capital in Vietinbank, which has a total charter capital of 13.4 trillion VND.

VNA

>   Maybank holds 15 percent stake in ABBank (25/09/2008)

>   Difficulties will exist until 2010: expert (24/09/2008)

>   Gold price down as world’s market less hot (24/09/2008)

>   Bond coupon payment CPD071235 (24/09/2008)

>   Gold slips on profit taking as dollar recovers (24/09/2008)

>   New tax on rents could bankrupt industrial park developers (24/09/2008)

>   Bond coupon payments: TP4A5004, TP4A5104, TP4A2705, CP4A0602 (24/09/2008)

>   VCCI calls for lower loan rates for small firms (24/09/2008)

>   Deposit interest rates overly high (24/09/2008)

>   Finance Ministry halves steel export tariff (24/09/2008)