Vietinbank to list 121 million shares on HoSE
The Vietnam Bank for Industry and Trade
(Vietinbank) will officially list more than 121 million shares, worth
1.21 trillion VND (nearly 69.25 million USD), on the Ho Chi Minh Stock
Exchange (HoSE) on July 16.
The Vietnam Bank for Industry and Trade
(Vietinbank) will officially list more than 121 million shares, worth
1.21 trillion VND (nearly 69.25 million USD), on the Ho Chi Minh Stock
Exchange (HoSE) on July 16.
At a workshop to announce the listing of the shares, coded CTG, Vietinbank Chairman Pham Huy Hung said “shareholders would never be disappointed if they choose to go with Vietinbank.”
Economists and financial analysts shared the view that as being the stocks of one of Vietnam ’s largest state-owned commercial banks, CTG will provide various high-quality products onto the local market and offer investors more choice, helping to keep the market healthy and sustainable.
CTG will have an offering price of 50,000 VND (roughly 2.85 USD) per share, a level that experts have described as very “reasonable”, when the Vietnamese stock market in general, and the banking industry’s shares in particular, have been experiencing fundamental changes.
Representatives from the Standard Chartered Bank said that the move will help the Vietinbank to get easier access to the domestic capital market, increase the solvency of its shares, improve the capacity of its business administration and expand its overseas investment opportunities.
Established in 1988, Vietinbank has a chartered capital of over 11.25 trillion VND (643 million USD), with 89.23 percent held by the State. It is the country’s second state-owned commercial bank to undergo equitisation after the Bank for Foreign Trade of Vietnam (Vietcombank).
Vietinbank has expanded its branch network to almost all of the country’s 63 provinces and cities and set up cooperative relations with more than 850 banks and financial institutions in 90 countries and territories worldwide.
Vietinbank has maintained its leading position in the domestic banking industry, posting an annual average credit and deposit growth rate of over 35 percent between 2002-2008. Its bad debts dropped to 1.09 percent at the end of last year from 1.38 percent in late 2006.
The bank currently holds 11.6 percent of the country’s loan market share, 12 percent of the capital mobilisation market share, 17 percent of credit card services, 8.5 percent of import payments and 8 percent of export payment services.
Vietinbank intends to complete its organisational structure on the model of an economic group and conduct its Initial Public Offering (IPO) and listing on the international stock market by 2015.
This year, Vietinbank’s pre-tax profits are expected to reach 2.6 trillion VND (some 148.5 million USD) and will pay a dividend of 10 percent./.
At a workshop to announce the listing of the shares, coded CTG, Vietinbank Chairman Pham Huy Hung said “shareholders would never be disappointed if they choose to go with Vietinbank.”
Economists and financial analysts shared the view that as being the stocks of one of Vietnam ’s largest state-owned commercial banks, CTG will provide various high-quality products onto the local market and offer investors more choice, helping to keep the market healthy and sustainable.
CTG will have an offering price of 50,000 VND (roughly 2.85 USD) per share, a level that experts have described as very “reasonable”, when the Vietnamese stock market in general, and the banking industry’s shares in particular, have been experiencing fundamental changes.
Representatives from the Standard Chartered Bank said that the move will help the Vietinbank to get easier access to the domestic capital market, increase the solvency of its shares, improve the capacity of its business administration and expand its overseas investment opportunities.
Established in 1988, Vietinbank has a chartered capital of over 11.25 trillion VND (643 million USD), with 89.23 percent held by the State. It is the country’s second state-owned commercial bank to undergo equitisation after the Bank for Foreign Trade of Vietnam (Vietcombank).
Vietinbank has expanded its branch network to almost all of the country’s 63 provinces and cities and set up cooperative relations with more than 850 banks and financial institutions in 90 countries and territories worldwide.
Vietinbank has maintained its leading position in the domestic banking industry, posting an annual average credit and deposit growth rate of over 35 percent between 2002-2008. Its bad debts dropped to 1.09 percent at the end of last year from 1.38 percent in late 2006.
The bank currently holds 11.6 percent of the country’s loan market share, 12 percent of the capital mobilisation market share, 17 percent of credit card services, 8.5 percent of import payments and 8 percent of export payment services.
Vietinbank intends to complete its organisational structure on the model of an economic group and conduct its Initial Public Offering (IPO) and listing on the international stock market by 2015.
This year, Vietinbank’s pre-tax profits are expected to reach 2.6 trillion VND (some 148.5 million USD) and will pay a dividend of 10 percent./.