The Vietnamese government has instructed State-owned Vietcombank, Vietnam’s second largest bank by assets to strictly adhere to the schedule for its initial public offering this year.
In a dispatch Monday, Deputy Prime Minister Nguyen Sinh Hung asked the bank to source out strategic foreign investors to participate in managing the structure of the bank.
Vietcombank is set to launch its IPO in July or August at the latest and list on the stock market by October, with the second shares auction to be conducted overseas next year.
The government will consult relevant agencies over the next four to five weeks, with the plan expected to receive 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.
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.
The bank has been rated BB/B by Standard & Poor’s, indicating prospects and internal capacity at D level, the highest rating for a financial institution in Vietnam.
Vietcombank is one of the four state-run banks ordered by the government to offer shares to the public this year.
The other three include 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.
Source: Thanh Nien equity mekong capital vinacapital
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