The Gia Dinh Commercial Joint Stock Bank plans to sell 30% of its stock to the Bank for Foreign Trade of Vietnam (Vietcombank) in late April.
Gia Dinh’s chartered capital, VND210 billion (US$13.125 million), is lowest among urban commercial joint stock banks in Vietnam at present. This bank has applied to the State Bank of Vietnam (SBV) to increase its chartered capital to VND500 billion ($31.25 million) by issuing shares. It has proposed selling shares worth VND150 billion ($.375 million) to Vietcombank, VND105 billion ($6.56 million) to its current shareholders and VND35 billion ($2.187 million) to the public in the form of auction.
Gia Dinh Bank’s network is quite modest, comprising its head office, three branches in HCM City and one in Hanoi. However, the involvement of Vietcombank would benefit the bank.
Source: VNE
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