Vietnamplus

A number of Vietnamese banks plan to sell more shares to foreign investors in 2022 as part of set strategies.

The International Finance Corporation (IFC) – a member of the World Bank Group – will provide another 40 million USD for the Orient Commercial Bank (OCB) to help with the support of COVID-hit clients, especially small and medium enterprises (SMEs).

Though there remains six months, some banks have almost used up the assigned quota for the whole year, and experts said it would be difficult for the banks to get an expansion approval from the State Bank of Vietnam (SBV).

The International Finance Corporation (IFC) – a sister organisation of the World Bank and member of the World Bank Group - and the Orient Commercial Bank (OCB) on March 27 signed a cooperation deal on a 100 million USD credit package and a consultancy programme to promote supply chain financing.

Several banks are keen to establish consumer finance arms to grab a bigger share of a market that is expected to reach 1,000 trillion VND (4.38 billion USD) by 2020 and grow at 29 percent annually.

Vietcombank sold out all 6.67 million shares of the Orient Commercial Bank (OCB) at an auction on April 17.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will auction off its 6.67 million shares of the Orient Commercial Bank (OCB).

The Vietnam Opportunity Fund (VOF), managed by VinaCapital Group, invested 11 million USD in the Orient Commercial Bank (OCB), owning nearly 5 percent stake in the bank.

The Orient Commercial Bank has targeted increasing before-tax profit by over 60 percent to nearly 780 billion VND this year, as heard an annual shareholders’ meeting held in Ho Chi Minh City on April 19.