Vietcombank has unexpectedly become the second-largest shareholder of Eximbank, following Gelex, as Eximbank updated its list of shareholders holding 1% or more of charter capital as of October 10, 2024.

Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) recently updated the list of shareholders with 1% or more ownership based on shareholder reports from July 1 to October 10, 2024.

Gelex Group Joint Stock Company remains the largest shareholder of Eximbank, holding a 10% stake, equivalent to more than 174.695 million shares.

Notably, a familiar name has reappeared among Eximbank's shareholders - Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam).

According to the published list, Vietcombank is now the second-largest shareholder of Eximbank, holding a 4.51% stake, equivalent to more than 78.793 million shares.

The remaining three shareholders required to disclose their ownership include: VIX Securities Joint Stock Company with 3.58% (over 62.345 million shares), and two members of the Board of Directors, Luong Thi Cam Tu holding 1.12% (equivalent to over 19.359 million shares) and Le Thi Mai Loan with 1.03% (equivalent to over 17.940 million shares).

Compared to the most recent update on August 13, this latest update includes the reappearance of Vietcombank. In the two most recent updates, the list of shareholders has seen the arrival of two major players: Gelex and Vietcombank.

Vietcombank is no stranger to long-time Eximbank shareholders, as this state-owned banking giant was a major shareholder for many years. In December 2018, Vietcombank reduced its ownership in Eximbank from over 8% to 4.84% in accordance with Circular 36 from the State Bank of Vietnam, and later divested entirely from Eximbank via transactions on the HOSE (Ho Chi Minh Stock Exchange).

Although the exact timing of Vietcombank’s recent return to Eximbank is undisclosed, it is estimated that the bank spent over VND 1,000 billion to acquire its 4.51% stake in Eximbank.

As for Eximbank, in the first nine months of 2024, its total assets increased by 11% compared to the beginning of the year, and by 16.9% year-on-year. Total deposits rose by 9.1% since the start of the year, up 12.2% year-on-year. Loan balances increased by 15.1% since the beginning of the year, and by 18.9% year-on-year.

Pre-tax profits have consistently grown across the quarters, with Q3 pre-tax profit up 39% year-on-year. The capital adequacy ratio (CAR) remains in the range of 12-14%, exceeding the State Bank of Vietnam’s regulatory requirement of 8%.

Tuan Nguyen