The Vietnamese state-owned Industrial and Commercial Bank (Incombank) is preparing to go public in the fourth quarter this year, its head said Thursday.
Pham Huy Hung, general director, said the government had approved an equitization plan, the first by a state-owned bank, submitted by the bank but declined to reveal further details.
He said merely the bank had hired Ernst & Young to audit its books.
Incombank has a chartered capital of 4 trillion VND (249mio US$) and the government plans to inject more funds to scale up its capital to 10 trillion VND (622mio US$) before the IPO.
It has assets of 138.3 trillion VND (8.6mio US$), a year-on-year jump of 18.8%, 136 branches and 145 transaction offices.
It made a profit last year of 780 billion VND (49mio US$), +3.4% and had reserves of 1.66 trillion VND (103mio US$).
It has deposits of nearly 124 trillion VND (7.7mio US$) and outstanding loans of 125 trillion VND (7.8mio US$).
The bank has managed to reduce its bad debts to 1.38% from 28% in 2000.
Source: Thanh Nien
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