Individual investors scramble to buy Saigonbank shares
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| A Saigonbank transaction office in southern Binh Duong Province. - Photo nganhangonline.com |
The registered number is four-fold higher than the total shares that Vietinbank will sell at a public auction to be organised on June 24 this year.
VietinBank, one of Vietnam's biggest lenders, will reduce its stake in the smaller bank — Saigonbank — to 4.91 per cent from 10.39 per cent, currently.
With a starting price of VNĐ10,800 per share, the sale will raise at least VNĐ182.1 billion (US$8.12 million).
The sale of shares is in line with the central bank's existing rules regarding cross ownership, which limit local commercial banks' stake in another lender to less than 5 per cent, according to VietinBank.
One of Việt Nam's smallest lenders by assets, Saigonbank posted VNĐ54.73 billion in pre-tax profit last year, a more than four-fold drop from 2014.
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