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Vietcombank to list shares on HOSE   2009-04-29 - sanotc

The Bank for Foreign Trade of Viet Nam (Vietcombank) has been given the go-ahead in principle to list its shares on the Ho Chi Minh Stock Exchange (HOSE).

At a meeting on April 28 the bank’s shareholders agreed to commission the executive board to complete all the necessary procedures by the end of May so they can list the banks shares within the year.

The meeting also passed a plan to list shares worth a total of 1.12 trillion VND to increase the bank’s chartered capital to 13.2 trillion VND. The shares will be offered to the current shareholders at “very agreeable prices” said the bank’s officers.

As planned, the capital raised will be used to expand the bank’s operations, and fund joint-ventures with other companies in 2009 such as the Shinhanvina Bank, the Vietcombank Securities Company, Vietcombank Financial Leasing Company and the Military and Gia Dinh joint-stock commercial banks.

At the same time, this year Vietcombank will also continue to seek out strategic foreign partners to help it reform its management mechanisms and improve its business efficiency.

While saying that “it’s not an easy job” in the context of the on-going global financial crisis, Vietcombank’s Chairman Nguyen Hoa Binh maintained that “many big potential partners are interested in VCB”.

Also at the meeting, VCB shareholders agreed on major targets for 2009, including increasing deposits by 15% and loans by at least 18%, compared with last year’s figures of 10.48% and 15.3%. The bank is also aiming to lower its rate of bad debts from 4.6% last year down to 3.5% this year.

Since it became a joint stock bank in June 2008, with a 90.72% stake owned by the State, Vietcombank continues to claim its number one position in the sector with a large market share of deposits, loans, export-import services and credit card payments.

The bank is also a market leader in international payment services, taking a 27% market share of export settlements and a 20% market share of import settlements.

Moreover, Vietcombank tops the field in terms of credit cards with about 3.36 million cards already issued, representing 59.7% of the country’s credit card market.

Last year, the bank enjoyed a bumper harvest of international awards, including the Asiamoney magazine’s award for “the best cash manager of 2008 in Vietnam” and the Finance magazine’s award for “the bank with the best commercial payment services in Vietnam”.

It was elected to the Asian Banking Association’s executive board and won the country’s highest credit ranking, awarded by the world’s leading credit rating firms Standard & Poor (S&P) and Fitch Ratings. (VNSN)

 


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