State-run Industrial and Commercial Bank (Incombank), Vietnam's fourth-largest, has picked JP Morgan to advise on its partial privatisation and an IPO scheduled for October, an official said on Tuesday.
The official did not disclose the fee JP Morgan will receive from for consultation for the process, which includes evaluation of the bank and organising the initial public offering.
"We picked JP Morgan," the official said. He said the Hanoi-based bank would make an official announcement soon, but did not give a date.
The consultant would also help Incombank select a strategic partner, the bank has said. It did not make clear if the partner would be a Vietnamese or a foreign company.
Incombank, with assets of $9.2 billion, has said it will conduct the IPO in October 2007.
It is one of four state-run banks, including Vietcombank, Vietindebank and the Mekong Delta Housing Development Bank, ordered to issue shares this year.
JP Morgan was shortlisted to join the Incombank tender along with Daiwa Security SMBC, Lehman Brothers, Macquarie, Merrill Lynch, Morgan Stanley and UBS.
JP Morgan along with Merrill, Morgan Stanley and UBS also joined a tender by Vietindebank to pick its adviser by late this month for privatisation and IPO.
Vietindebank said Merrill had the highest score of 87.2 for technical proposals while JP Morgan had the lowest, at 73.9. Vietindebank plans an IPO in the fourth quarter.
Incombank has not said how much it aimed to raise in the IPO or disclosed whether it would list on the main Ho Chi Minh Stock Exchange or the over-the-counter Hanoi Securities Trading Center.
Partly-private Sacombank (STB) is the only bank listed on the Ho Chi Minh City market and Asia Commercial Bank (ACB) has listed shares on the Hanoi exchange.
On Monday, Incombank signed with Vietnam Posts and Telecommunications (VNPT) group, the country's largest telecoms firm, an agreement to boost their investment and business, using each other's services.
Incombank has arranged a syndicate loan worth 2.3 trillion dong ($143 million) which will enable the telecoms group to launch Vietnam's first telecoms satellite, Vinasat, in 2008.
The agreement also aimed "at a target that Incombank and VNPT will become each other's strategic partners during their operation and development," Incombank said.
Source: Reuters
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