State-run Bank for Foreign Trade (Vietcombank), Vietnam's second-largest bank, is expected to offer shares to the public in July or August and its domestic listing would follow within six to eight weeks, officials said.
Hanoi-based Vietcombank, along with Vietindebank, Incombank and the Mekong Delta Housing Development Bank, are four state-run banks ordered by the government to privatise partially in 2007.
Agribank, the country's largest bank, will follow in 2008 to complete part of the banking sector reform viewed by foreign investors as a test for the communist-run Southeast Asian country in realising commitments it made when joining the World Trade Organisation in January.
"We hope that in July or August the IPO of Vietcombank will be executed," Pham Viet Muon, deputy head of the Government Office, said on Monday, giving the bank's IPO timetable for the first time.
Muon was speaking shortly before Vietcombank signed a contract to hire global investment bank Credit Suisse to advise on its partial privatisation.
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment