BIDV to List on Singapore Bourse
The Bank for Investment and Development of Vietnam (BIDV) will list on the Singapore stock exchange after the bank accomplishes its privatization process and lists on the local bourse, which is estimated to take place in 2007, said the BIDV general director Tran Bac Ha.
BIDV will be present in the securities market of Singapore following the agreement signed between the country with Vietnam, he said.
To date, the bank has finished the reorganization scheme in the 2001-2005 period. It plans to submit the privatization program to the Government and concerned agencies for approval in mid-June.
Under the plan, the State-owned stake in BIDV will be reduced to 51 per cent by 2010 and lower than 51 per cent by 2015.
The bank targets its total assets will reach US$19-20 billion in the next five years, becoming one of the leading credit organizations in Vietnam with qualified services equivalent to those of the regional banks.
By the end of 2005, BIDV has total assets of VND131.173 trillion (US$8.3 billion), tripling the figure from 2000.
The bank has recently set up a fund management arm and an investment fund with investment capital of VND1.2 trillion (US$76 million). It plans to establish two more funds with paid-in capital of VND2 trillion in 2006-2007.
This year, the Vietnamese bank will cooperate with the US’s Vietnam Partners LLC to found an investment fund in the US with an aim to attract investment from the country into Vietnam.
BIDV is now one of five State-run commercial banks, which now control nearly 70 per cent of the domestic market lending.
VietNamNet
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