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BIDV postpones IPO plan until next year
Bank for Investment & Development of Vietnam (BIDV), the country’s second-largest lender by assets, plans to postpone an initial public offering until next year, said its Deputy CEO Le Dao Nguyen.
“The current market is not very favorable for the sale, and we also need some time to look for foreign strategic partners and restructure our bank,” Nguyen said in an interview Wednesday.
Vietnam is selling shares in state-owned companies through a so-called equitization process as the nation shifts to a market-based economy.
The bank is postponing the IPO for a second time, after plans to sell shares last year were put on hold as the stock market plunged.
The Hanoi-based lender plans to sell about 30 percent of its registered capital, Nguyen said, adding the bank is talking to “some” foreign investors who are interested in becoming strategic partners.
thanhnien, bloomberg
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