IFC divests stake at Vietnam’s state-run Vietinbank

The International Finance Corporation (IFC) remains a major shareholder of Vietinbank with a nearly 6.5% stake.

IFC divests stake at Vietnam’s state-run Vietinbank

The International Finance Corporation (IFC), a member of the World Bank Group, has sold nearly 57.4 million shares or a 1.54% stake at state-run Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietinbank), according to a filing to the Ho Chi Minh City Stock Exchange (HoSE).

Specifically, the IFC sold 18.14 million shares to reduce its holding in Vietnam’s third-largest bank by market value from 2.63% to 2.14%, while IFC Capitalization Fund offloaded 39.22 million shares, cutting its ownership to 4.34% in the Vietnamese lender from the previous 5.39%.

In a trading session on November 13, nearly 57.4 million shares of Vietinbank were purchased by foreign investors for VND1.23 trillion (US$52.96 million). Another 29 million shares of the bank worth VND612 billion (US$26.35 million) were also acquired by foreign investors on the same day.

Last year, Bloomberg reported the IFC was seeking a buyer for its 8% stake in Vietinbank after a seven-year partnership.

 

As of present, the State Bank of Vietnam (SBV), the country’s central bank, is the largest shareholder of Vietinbank with a 64.46% stake, followed by Japan’s largest bank MUFG with over 19.7%. The IFC remains a major shareholder of Vietinbank with a nearly 6.5% stake.

Total assets of Vietinbank as of September 2019 reached VND1,200 trillion (US$51.67 billion). Its total outstanding loans and deposits were VND917 trillion (US$39.48 billion) and VND865 trillion (US$37.23 billion), respectively.

The bad debt ratio of the bank declined from 1.58% as of late 2018 to the current rate of 1.56%. It earned a consolidated pre-tax profit of nearly VND8.5 trillion (US$365.89 million) in the first three quarters this year. Hanoitimes

Ngoc Thuy

 
 

Other News

.
Probus Opportunities & Digi Ventures invest in Vietmoney
Probus Opportunities & Digi Ventures invest in Vietmoney
BUSINESSicon  10/09/2020 

Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors.

Vietnam’s forex reserve sets new record
Vietnam’s forex reserve sets new record
BUSINESSicon  09/09/2020 

Vietnam’s foreign exchange reserve has hit a new record high of 92 billion USD, a significant expansion from 84 billion USD which Governor of the State Bank of Vietnam Le Minh Hung revealed in April.

Local ETFs draw foreign attention
Local ETFs draw foreign attention
BUSINESSicon  09/09/2020 

The domestic exchange-traded fund VFMVN Diamond (HoSE: FUEVFVNĐ) on Tuesday issued an additional 300,000 certificates to raise the total amount of certificates to 148.3 million.

Vietnam urged to improve infrastructure to attract more FDI
Vietnam urged to improve infrastructure to attract more FDI
BUSINESSicon  09/09/2020 

Vietnam needed to improve its infrastructure in order to attract more FDI, a webinar heard on Monday.

Da Nang calls for $2 billion investment in 2021-25
Da Nang calls for $2 billion investment in 2021-25
BUSINESSicon  09/09/2020 

Da Nang has called for total investment of VND47.5 trillion (US$2 billion) from the State Budget and foreign sources for the development of 38 projects between 2021-25, focusing on transport and traffic.

Vietnam needs US$8-10 billion for electricity investment annually
Vietnam needs US$8-10 billion for electricity investment annually
BUSINESSicon  08/09/2020 

Given the increasing demand for electricity, Vietnam needs US$8-10 billion for electricity investment annually, Minister of Industry and Trade Tran Tuan Anh said at a meeting on Monday, September 7.

Investors still pouring money into corporate bonds, despite warnings
Investors still pouring money into corporate bonds, despite warnings
BUSINESSicon  09/09/2020 

Investors are still preferring corporate bonds to bank deposits, and are withdrawing money from banks to buy corporate bonds to enjoy higher interest rates.

Thu Duc City set to be new growth pole for HCM City
Thu Duc City set to be new growth pole for HCM City
BUSINESSicon  09/09/2020 

Like Gangnam south of the Han River in Seoul and Pudong east of the Huangpu River in Shanghai, Thu Duc City is expected to become a new growth area for HCM City.

Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
Nam Dinh-based Rang Dong Textile Industrial Park sign land lease contracts with foreign firms
BUSINESSicon  08/09/2020 

The signing ceremony of a land lease contract and land delivery for factory construction between Cat Tuong Real Estate Group, Top Textile Co., Ltd and Jehong Textile Viet Nam Co, Ltd took place on September 4.

Ministry proposes overhaul of investment framework for power projects
Ministry proposes overhaul of investment framework for power projects
BUSINESSicon  08/09/2020 

The National Assembly's economic committee held a hearing on the development of Vietnam's energy sector until 2030 yesterday.

Mooncake producers begin selling well before Mid-Autumn Festival
Mooncake producers begin selling well before Mid-Autumn Festival
BUSINESSicon  08/09/2020 

The Mid-Autumn Festival is a time for mooncakes, a baked pastry that symbolises family reunions and which is traditionally consumed as part of the...

Vietnam to face power shortages
Vietnam to face power shortages
BUSINESSicon  08/09/2020 

Vietnam would face the risk of power shortages from 2021-25 due to slow progress at many large power projects both in the northern and southern...

Biggest business stories: August 31 to Sep 6
Biggest business stories: August 31 to Sep 6
BUSINESSicon  08/09/2020 

Big changes were made with the key personnel of Quoc Cuong Gia Lai Group, while the president of Hoang Anh Gia Lai Group, Doan Nguyen Duc, has not been able to escape difficulties despite his efforts to sell assets to pay debts.

Multi-trillion VND helps VN-Index regain peak
Multi-trillion VND helps VN-Index regain peak
BUSINESSicon  07/09/2020 

The strong cash flow to the stock market in recent days has helped stock prices bounce back.

10,000 businesses dissolved, thousands of others in danger
10,000 businesses dissolved, thousands of others in danger
BUSINESSicon  09/09/2020 

Amid the impact of COVID-19, as many as 10,400 businesses completed procedures for dissolution in the first eight months of the year.

Online shopping sees record growth, ranked 3rd in region
Online shopping sees record growth, ranked 3rd in region
BUSINESSicon  08/09/2020 

The total number of visits to online shopping apps in Vietnam reached 12.7 billion in the first six months of the year, the highest ever figure.

Vietnamese rice takes bite out of global market
Vietnamese rice takes bite out of global market
BUSINESSicon  07/09/2020 

Vietnam’s rice exports have expanded during the pandemic to surpass rival Thailand in price for the first time in three decades, leading experts to suggest the sector should consolidate its position.

Plastics industry shrugs off pandemic, interests stock investors
Plastics industry shrugs off pandemic, interests stock investors
BUSINESSicon  07/09/2020 

The new wave of Covid-19 infections has caused heavy pressure on the country’s economy. 

EU competition in redrawn public procurement landscape
EU competition in redrawn public procurement landscape
BUSINESSicon  07/09/2020 

Competition in Vietnam’s government procurement market is expected to heat up with the involvement of EU contractors, driven by the country’s highest-ever market-opening commitment in this field. 

Alibaba.com rolls out export-focused program for Vietnamese SMEs
Alibaba.com rolls out export-focused program for Vietnamese SMEs
BUSINESSicon  07/09/2020 

Alibaba.com, the global business-to-business (B2B) e-commerce platform of Alibaba Group, has launched a landmark initiative to help businesses in Vietnam go online and reach an enormous pool of qualified global buyers.

 
 
 
Leave your comment on an article

OR QUICK LOGIN