Bank seeks foreign investors

April 15, 2011 | 14:07

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The joint-stock Vietcombank (listed on the HCM City Stock Exchange as VCB) plans to have strategic foreign shareholders via private placement by the end of this year or early 2012.

More than 492 million new shares, or 20 per cent of its total, are expected to go to foreign buyers, who are expected to be banks, financial institutions and global investment organisations that want to expand operations in Asia, particularly in Vietnam.

Foreign buyers are expected to have successful investment experience, a financial capacity of at least regional scale, among other items, which will support the bank's development.

The bank, however, has not disclosed information about the potential buyers.

The price for private placement will be negotiated based on advice from international financial consultancy so that the bank and shareholders benefit and laws are met.

The private placement is a part of the bank's plan to increase its charter capital by 40 per cent to over VND24.622 trillion ($ 1.172 billion) from the current VND17.587 trillion.

For this year's second quarter, VCB will issue 211 million shares to pay dividends to shareholders, who will receive 12 for every 100 equities they own.

The issuance plan was released on Wednesday at the company's annual shareholders' meeting.

VNS

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