Business

Banks raise foreign ownership ratio to improve financial strength

Vietnamese banks have been increasing their foreign ownership ratios to attract investment and improve financial strength.
Banks raise foreign ownership ratio to improve financial strength ảnh 1The Vietnam Securities Depository adjusts the foreign ownership ratio of MB shares from 22.9908 percent to 23.0224 percent on November 9 (Photo: baodautu.vn)

Hanoi (VNS/VNA) - Vietnamese banks have been increasing theirforeign ownership ratios to attract investment and improve financialstrength.

Accordingto Military Bank (MB), the Vietnam Securities Depository (VSD) hadadjusted the foreign ownership ratio of MB shares from 22.9908 percent to23.0224 percent on November 9, baodautu.vn reported.

Themove was made after MB issued nearly 362 million shares to pay dividends in2019 to increase its charter capital to nearly 27.98 trillion VND (1.2 billionUSD).

Amongits foreign shareholders, Dragon Capital funds Norges Bank and AmershamIndustries Ltd are now the largest with ownership rates of 1.68 percent and1.44 percent, respectively, as of June 25.

Inaddition, MB also plans to divide 25.6 million treasury shares with itsexisting shareholders from Q4 2020 to the end of Q1 2021.

Earlier,the board of directors of Techcombank approved to raise the bank’s foreignownership limit from 22.4951 percent to 22.5076 percent of its charter capital.

Lienvietpostbankhas also increased the ownership ratio of foreign investors from 5.5 percent tonearly 10 percent.

Meanwhile,VietCapitalBank will consult the bank’s general meeting of shareholders toauthorise the board of directors to decide a new foreign ownership ratio.

NamA Bank said it planned to sell shares to foreign investors from now to the endof this year to increase charter capital to nearly 7 trillion VND through theissue of 57 million shares to pay dividends at a rate of 12.4878 percentand a private placement of 143 million shares. The bank said it was in theprocess of negotiating with foreign investors.

Inmid-2020, the market also recorded the sale of 15 percent shares of OCB Bank toJapanese’s Aozora Bank, raising the Vietnamese bank’s charter capital from 7.89trillion VND to 8.76 trillion VND.

Vietnam’sfinance and banking is still attracting foreign investors, but expertssaid the low ownership ratio of 30 percent capped for foreign investors was abarrier./.
VNA
#Vietnamese banks #foreign ownership ratio #financial strength #Military Bank #Vietnam #Vietnamplus #Vietnam News Agency
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