Nam Viet Commercial plans Hanoi stock listing by early 2010

Nam Viet Commercial Joint-Stock Bank, known as Navibank, plans to list on the Hanoi Stock Exchange by early next year, said Le Quang Tri, the bank’s general director.

“We are waiting for the approvals from the central bank and the State Securities Commission and we hope to list by the end of this year or in the first quarter 2010,” Ho Chi Minh City-based Tri said in a phone interview Tuesday. Navibank plans to trade 100 million shares on Hanoi’s bourse, he said.

The Southeast Asian nation’s benchmark VN-Index has surged more than 70 percent this year. The rally has prompted Vietnam Export-Import Commercial Joint-Stock Bank, Military Commercial Joint-Stock Bank, Lien Viet Commercial Joint-Stock Bank, and Saigon Commercial Joint-Stock Bank to plan listing shares this year or early next year.The Ho Chi Minh City-based lender reported a pretax profit of VND130 billion (US$7.3 million) this year through end-August and total assets of VND16 trillion, according to Tri. Navibank targets pretax profit of 200 billion dong this year, he said.

The bank plans to double its current registered capital to VND2 trillion by selling 100 million shares to its existing shareholders and staff by the end of this year, according to Tri.

thanhnien, Bloomberg

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