The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will auction off its 6.67 million shares of the Orient Commercial Bank (OCB).

Transactions at the Orient Commercial Bank (OCB)(Photo: tinnhanhchungkhoan)

The stocks will be sold at a starting price of 13,000 VND (0.57 USD) per share, according to the Hanoi Stock Exchange.

The northern bourse said that OCB’s charter capital has reached 5 trillion VND (220 million USD) with more than 110 units nationwide. 

Last year, the bank earned 816 billion VND (35.9 million USD) in after-tax profit, double the amount in 2016. Its total assets increased 32 percent to 84.3 trillion VND (3.7 billion USD). Meanwhile, lending surged 25 percent to more than 48.1 trillion VND (2.11 billion USD).

Offloading holdings at OCB is one of Vietcombank’s moves to comply with the central bank’s Circular 36, which only allows commercial banks to hold shares in a maximum of two other credit institutions, with the stake in each not exceeding five percent of the total equity of that institution. 

Apart from OCB, Vietcombank currently holds shares in Eximbank and Military Bank.-VNA