Vietcombank plans IPO by August

State-owned Vietcombank, Vietnam’s second largest bank by assets is set to launch an initial public offering (IPO) by August and list on the stock market by October.
Vietcombank would begin selling shares to the public in July or August at the latest, said Vu Viet Ngoan, general director of the bank.
The bank has completed the final steps to prepare for the IPO, and the detailed plan will be submitted to the government late next month.
As planned, the bank will have two IPOs, the first in the country and the second in an overseas market next year.
The government will consult relevant agencies over four to five weeks and the plan is expected to get final approval in June.
After going public, the state will hold a 70% stake in the bank and the remaining 30% will go to investors via domestic and overseas IPOs.

The bank plans to launch an IPO in Hong Kong or Singapore next year, where stock exchanges have recognized Vietcombank as qualifying under their basic requirements, according to a top executive.
By the end of 2006, Vietcombank had assets of VND169.46 trillion ($10.06 billion), up 23.9% on year.
It made a net profit of VND2.47 trillion during the year, up 91.5% year on year, bank figures showed.
Vietcombank is one of the four state-run banks ordered by the government to offer shares to the public this year.
The other three including Vietnam's third-largest bank Incombank and the Mekong Delta Housing Development Bank and the Bank for Agriculture and Rural Development , will follow in 2008.
Currently, Vietnamese law allows foreigners to have a 30% maximum stake in its domestic banks.

Source: Thanh Nien