Techcombank temporarily fixes foreign ownership limit at zero per cent

October 27, 2017 | 10:01

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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) announced a foreign ownership percentage of zero per cent followed by HSBC Bank’s divestment in July and its stakeholders’ request for temporary zero foreign ownership in late August.

After HSBC's exit, Techcombank shareholders decided to run without foreign owners for a while

In mid August, HSBC successfully divested all 172 million shares held in Techcombank which were used as treasure stocks at VND23,445 (US$1.04) per share, said the bank’s spokesperson to newswire Vietnam News.

Currently, Techcombank is seeking a strategic investor after the withdrawal of HSBC Bank.

Previously, on September 14, the bank’s stakeholders were requested to temporarily endorse the foreign ownership rate of zero per cent.

Techcombank, under the ticker TCB, announced that Nguyen Thieu Quang, vice chairman of the BOD since 2008, agreed to transfer and sell his entire holding at the bank between October 23 and November 2, amounting to roughly one million shares.

According to newswire Vietnamnet, in the first half of 2017, the bank reported total nonperforming loans of VND2.74 trillion ($122 million), equivalent to a roughly 1.6 per cent increase since the end of 2016.

Recently, Vietnam Asset Management Company purchased total bad debts worth VND1.99 trillion ($88.6 million) from Techcombank.

Foreign ownership at VPBank and LienVietPostBank also fell to 22.37 and 5 per cent, respectively.

In 2013, Techcombank’s former key shareholder, Vietnam Airlines, fully divested approximately VND260 billion ($11.442 million) from the bank, according to newswire DealStreetAsia.

Techcombank is one of Vietnam’s leading commercial banks with an accumulated net after-tax profit of VND1.125 trillion ($49.511 million) in the first two quarters of 2017, according to VietStock.

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