Vietinbank seeks IPO advisors

The state-owned Industrial and Commercial Bank of Vietnam (Vietinbank/Incombank) will call for tenders from prospective advisers for its initial public offering due later this year, a senior official said Wednesday.
Deputy General Director Nguyen Viet Manh said the tender process would take place soon, without specifying a date. The IPO is planned for October.

According to a statement from the bank – commonly known as Vietinbank – seven international banks will take part in the tender process - Lehman Brothers, Merrill Lynch, JP Morgan, UBS, Morgan Stanley, Macquarie, and Daiwa Securities.

Manh said Vietinbank, which has a registered capital of VND10 trillion (US$625 million), was expected to list its shares on the country's stock market later this year.

He didn't give details on the bank's plans to sell shares to foreign investors. Vietnamese law allows foreigners to hold up to 30% in domestic banks.

Vietnam has five state-owned commercial banks of which Vietcombank has signed a contract with Credit Suisse to act as its financial advisor for its IPO, planned for the third quarter this year.

The Vietnamese government has said it wants the five banks to sell shares to foreign investors by 2010 to boost their competitiveness.

Source: Thanh Nien Equity Vietnam Mekong Capital