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Eximbank plans Oct 27 debut
Vietnam's Eximbank, 15 percent owned by Japan 's Sumitomo Mitsui Financial Group, said on Wednesday it was expects to have a market capitalisation of about $1.38 billion after making its domestic share debut next week.
The Ho Chi Minh City-based lender, Vietnam 's eight-largest bank by assets, said in a statement it will list all of its 876 million shares on the Ho Chi Minh Stock Exchange on Oct. 27, with shares to start trading at a price of VND28,000.
Eximbank said the shares would be allowed to move 20 percent up or down from the starting price on the debut date, which is wider than the normal daily band of 5 percent.
Eximbank shares will join three other partly private lenders on the Ho Chi Minh City market including the country's largest, Vietcombank, as well as VietinBank and Sacombank.
VietinBank, the last to list in July, set a starting price of VND50,000, but fell the maximum 20 percent on its debut and has yet to regain its starting price, last trading at VND36,200.
Eximbank said its gross profit in the first nine months of this year rose 5.5 percent to VND1.16 trillion.
Prime Minister Nguyen Tan Dung told the opening session of the National Assembly, or parliament, on Tuesday that the economy was on track to meet an annual growth target of 5.2 percent this year and to expand 6.5 percent next year with inflation of 7 percent.
Vietnam 's credit growth this year is expected at more than 30 percent, Dung said, up from an expansion of 23.58 percent last year.
Reuters, vietnews
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