SBV Governor Denies Raising Stakes in Banks for Foreigners

Governor of the State Bank of Vietnam Nguyen Van Giau has rejected rumors of raising stakes in local banks for foreigners. “It is just rumors,” Giau said.

 

Currently, foreigners are allowed to hold no more than a 30 per cent stake in local banks; an individual investor is permitted to hold no more than 10 per cent stakes and strategic investors can own at most 15 per cent, and if they want to hold more, they must receive OK from the prime minister.

 

Late last week, traders speculated that stakes in banks for foreigners could be raised to 49 per cent, which made heavy trade of bank shares valued at VND600 billion, accounting for total trading value of the both bourses. (Vnexpress)