Business

Banks step up private placements to foreign investors in 2024

After a quiet year in 2023, many banks will promote stock offering to foreign investors again and some of them may complete the deals this year, analysts forecast.
Banks step up private placements to foreign investors in 2024 ảnh 1Customers make transactions at a Vietcombank office in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - After a quiet year in 2023, many bankswill promote stock offering to foreign investors again and some of them maycomplete the deals this year, analysts forecast.

In an analysis report released recently, Vietcap SecuritiesCompany (VCSC) said with predicted faster economic growth in Vietnam by 2024,capital raising activities will be stronger from the second half of 2024.

Notably, Vietcombank, BIDV and LPBank are expected to mobilise newcapital through private placement with an estimated total value of 64.9trillion VND (2.63 billion USD) in 2024, VCSC said.

According to a plan approved in the bank’s 2023 annual generalmeeting of shareholders (AGM), Vietcombank will conduct a private placement inthe 2023-2024 period, offering 6.5% of shares to foreign investors.

At a recent extraordinary AGM, BIDV also approved to adjust theimplementation time for offering additional shares in the bank’s plan toincrease charter capital in 2023. Specifically, the AGM decided to delay theimplementation time to 2024. Under the plan, BIDV will issue an additional 455million shares in the form of public offering or private offering. BIDV has notannounced details of the offering plan, but it has long had a plan for aprivate placement for foreign investors.

Besides State-owned banks Vietcombank and BIDV, private banks suchas LPBank, SHB and HDBank have also planned for stock offering to foreigninvestors in 2024.

LPBank is implementing steps in its plan to issue 300 millionshares under private placement to foreign investors. The specific offering timewill be decided by the bank's board of directors after approval by competentState agencies. The shares offered to foreign investors are subject to athree-year transfer restriction for strategic investors and a one-year transferrestriction for professional securities investors.

SHB Chairman Do Quang Hien informed the bank’s shareholders thatthe share offering to foreign investors will be completed in 2023 or early2024. Previously, at SHB’s 2023 AGM, the bank approved the continued implementationof increasing capital from the issuance of shares for foreign investors andforeign strategic investors.

At a recent meeting with investors, Hoang Thanh Tung, Director ofHDBank's Investment Relations Division, said that HDBank has made the necessarypreparations for issuance to increase capital as it reserves about 10% foreignownership room to strategic partners.

According to Tung, HDBank has so far received interest from anumber of foreign partners from the Republic of Korea, Europe and the US.Selecting investors to issue capital and attracting strategic shareholders arealways within HDBank's orientation to improve financial strength to meet growthneeds, while still ensuring the central bank’s regulated capital adequacy ratioand liquidity./.
VNA
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