EVN to cut holding in ABBank to 20% stake

Electricity of Vietnam (EVN) planned to reduce its stake holdings at An Binh Commercial Joint Stock Bank (ABBank) from currently 25% to 20%.

Electricity of Vietnam (EVN) planned to reduce its stake holdings at An Binh Commercial Joint Stock Bank (ABBank) from currently 25% to 20%, following the government’s direction on investments of state-owned corporations in non-core businesses, said an unnamed ABBank’s leader.

EVN would still be ABBank’s strategic partner, the bank’s leader said.

ABBank is now among ten biggest joint-stock banks in Vietnam by market capitalization. ABBank’s major shareholders, including Maybank, Geleximco and International Finance Corporation (IFC), all pledged to maintain long-term cooperation with the bank to help it improve its management capacity and set up development strategy in the coming time.

In 2012, ABBank aimed to develop into a multi-functional bank and particularly focus on retail banking activities.

Source Sophie/ StoxPlus

Tags: ABBANK, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Jan 3 2012. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry