Vietcombank Receives Approval for Listing on HOSE
The Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank), the leading among 37 partly private lenders in Vietnam, has received a thumb-up from the Ho Chi Minh City Stock Exchange (HOSE) to list 112.3 million shares on the bourse.
These shares account for only 9.28 per cent of the bank’s registered capital of VND12.1 trillion (US$713.9 million).
Vietcombank will need to complete its dossier before going to the bourse, the HOSE said in a statement. After the listing, Vietcombank shares are expected to be a leader of the exchange’s index, instead of Sacombank (STB) currently.
The listing date will be decided in the bank’s shareholders’ meeting scheduled April 28 in Hanoi, said Vietcombank Chairman Nguyen Hoa Binh.
Vietcombank was the first state-run bank in Vietnam to conduct the IPO selling 6.5 per cent of its shares in December 2007. It delayed the floating twice due to the gloomy uncertain market.
The Hanoi-based lender has set to earn profit of VND3.35 trillion in 2009, the same as last year, with credit growth of about 18 per cent compared with 16.4 per cent in 2008.
Vietnam has only two listed banks, Sacombank on the main exchange and Asia Commercial Bank on the smaller in Hanoi. (VNA, Investment)
Vietnamese
