Vietcombank plans to sell 20% stake to foreign strategic investors

Vietcombank (VCB) plans to offer about 492 million new shares, or 20% stake to foreign strategic investors by the end of 2011 or early 2012, the local newswire Dvt.vn reported April 14.

Vietcombank (VCB) plans to offer about 492 million new shares, or 20% stake to foreign strategic investors by the end of 2011 or early 2012, the local newswire Dvt.vn reported April 14.

However, information about candidate partners, advisory agents are not yet available.

This year, the listed lender plans to scale up its charter capital to VND24.6trillion from current VND17.6trillion through issuing 703 new shares including offering 211 shares to pay dividend to existing shareholders and 492 shares to foreign strategic shareholders.

It targets to generate a pretax profit of VND5.650trillion, up 3.1% on year; total assets of VND353.620trillion, up 15% on year; total outstanding loans of VND212.177trillion, up 20% on year; total deposits of VND249.984trillion, up 20% on year and a dividend payout ratio of 12%.

Vietcombank will organize its annual general meeting (AGM) on April 22 this year.

Vietnam is mulling to raise the maximum ownership for a foreign strategic investor in local commercial banks to 20% from current 15% of charter capital, said the Government on the website Chinhphu.vn.

Vietnam currently caps foreign ownership in a domestic bank at 30%, with a 15 % limit for a strategic investor. A special case of 20% limit must get Government’s approval. – Stoxplus.com

Tags: Vietcombank