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Vietinbank to sell 10 percent of stock to overseas partners
The Vietnam Bank for Industry and Trade (Vietinbank) will sell 10 percent of its stock to foreign strategic partners, said the Chairman of the bank’s Board of Directors Pham Huy Hung.
At a meeting of Vietinbank’s shareholders in Hanoi on June 4, Hung said that his bank hasn’t yet found any strategic investors this year; however, it is searching and negotiating with giant financial institutions and banks around the world.
The bank plans to submit to the government and the State Bank a list of foreign strategic investors, of which US and European investors will be given top priority.
It also plans to list six percent of it stocks, at an offering price of 50,000 VND each, on the Ho Chi Minh Stock Exchange in early July this year, Hung said.
Vietinbank has so far sold 10 percent of its shares to domestic enterprises and investors, he added.
According to the bank’s figures, in the first five months of this year, its growth in capital sources reached seven percent, investment loans increased by over 10 percent while its bad debt rate was only 1.6 percent, the lowest rate in the banking sector.
The bank will continue to launch the second phase of its modernising project and upgrade its technologies to provide customers with modern globally-standardised banking services.
This year, Vietinbank’s pre-tax profits are expected to reach about 2.6 trillion VND and the bank will pay a dividend of 10 percent.
This year 70 percent of its earnings are forecast to come from loans, 20 percent from investments in the capital market and about 7 percent from banking services.
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