The Bank for Foreign Trade of Vietnam (Vietcombank) on November 20 was estimated to receive 342.6 billion VND (15.2 million USD) from selling its entire stakes in the Saigon Bank for Industry and Trade (SaigonBank) and Vietnam Cement Finance Company (CFC) (Photo: vneconomy.vn)
 
Hanoi (VNS/VNA) - The Bank for Foreign Trade of Vietnam (Vietcombank) on November 20 was estimated to receive 342.6 billion VND (15.2 million USD) from selling its entire stakes in the Saigon Bank for Industry and Trade (SaigonBank) and Vietnam Cement Finance Company (CFC).

Vietcombank offered 13.25 million shares of SaigonBank (4.3 percent of the bank’s capital) and 6.6 million shares of CFC (10.91 percent of the finance company’s capital) for auction, according to the Hanoi Stock Exchange.

The northern exchange regulator announced that 20 investors had registered to purchase SaigonBank shares with total registered volume of nearly 53.82 million shares but only two of them could afford the shares.

The two investors, including one individual and one institutional investor, bought SaigonBank shares at the highest bidding price of 20,100 VND per share, 1.6 times the initial asking price of 12,550 VND per share set by Vietcombank.

Vietcombank was estimated to earn 266.36 billion VND from the sale of SaigonBank shares, bringing a profit of 143 billion VND to Vietnam’s largest bank by market capitalisation.

The sale of CFC shares also helped Vietcombank receive 76.25 billion VND. The initial asking price for CFC shares was 11,549 VND per share.

Nine individual investors signed up for the auction of CFC shares with registered buying volume of 6.67 million shares.

The shares were sold to all nine investors for an average 11,554 VND per share. The deal was reported to generate 5.3 billion VND in profit for Vietcombank.

After divesting from SaigonBank and CFC, Vietcombank plans to sell its ownership in three other financial-banking businesses, the Orient Joint Stock Commercial Bank (OCB), the Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) and the Military Commercial Joint Stock Bank (MBBank).

Vietcombank aims to complete selling its stake in OCB by the end of this year while the other two deals are set to be finished in January 2018 and expected to help Vietcombank earn 1 trillion VND in profit.-VNA