Bidv IPO likely by Q4

Bank for Investment and Development of Vietnam (Bidv)’s chairman of director board, Tran Bac Ha, has said that his bank is preparing to make IPO (initial public offering) in the fourth quarter of this year whereby Bidv plans to sell 3-5% stake to external shareholders via IPO.
Particularly, under the bank’s equitisation plan, the state will hold 80% stake, 15% stake will be held by strategic investors and foreign financial investors, 1% held by the bank’s employees, 1% for the union and 3-5% for other shareholders through the IPO.

The IPO will be conducted simultaneously with the selection of foreign strategic investors in 2011. After getting the approval for privatization, Bidv will complete the appraisal reports and organize the selection of foreign strategic investors with the support of Morgan Stanley.

BIDV expects to complete the legal formalities to be formally converted into a commercial joint-stock bank in Q1 2012.

The bank recently made equitization for BIDV Securities Single Member Limited Liability Company (BSC) and BIDV Insurance Co (BIC) and merged two financial leasing companies.

According to the audited consolidated fiscal report in 2010, Bidv’s total assets reached 366.268 trillion dong, chartered capital of 14.6 trillion dong and profit before tax of 4.626 trillion dong.

Tags: Bidv IPO, China banking industry, China finance, China financial

Posted by VBN on Sep 9 2011. Filed under Banking-Finance, Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry