U.S.-based Citibank, Asia Development Bank and Deutsche Bank are vying to buy shares in Incombank, Vietnam's fourth-largest by assets, before its local IPO in October and abroad early next year.
Incombank Chief Executive Pham Huy Hung said the three were among 10 firms which had applied to become strategic investors, the Vietnam News newspaper said on Friday. The bank will pick two from 30 shortlisted candidates before its October IPO.
Hanoi-based Incombank, the shortname for Vietnam Industrial and Commercial Bank and which has total assets of around $9 billion, is also looking at an IPO in London or New York in early 2008, he said.
"Foreign strategic investors must be committed to Incombank for at least five to 10 years," Hung was quoted as saying after signing a contract on Thursday to hire JPMorgan to advise on Incombank's IPOs and suggest the shortlist.
A foreign bank can own up to 20 percent in a Vietnamese bank if it is chosen to become a strategic investor. Overall, Vietnam caps foreign ownership in a domestic bank at 30 percent.
The state will retain a 51 percent stake in Incombank and the bank plans to sell another 49 percent of its 900 million shares to investors and staff.
Incombank and four other state-run banks have been ordered to conduct partial privatisation this year and in 2008.
Deutsche Bank is advising state-run Mekong Delta Housing Bank on the process with an IPO scheduled for next month.
Source: Reuters
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