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Vietcombank to sell shares to public

Vietcombank to sell shares to public

(13 February 2007 – Vietnam) Vietnamese state owned Bank for Foreign Trade (Vietcombank) is set to offer shares to the public in July or August with a domestic listing expected to follow some two months later. Vietcombank CEO Vu Viet Ngoan said the government would retain a 70 percent stake in the bank and sell the remaining 30 percent to the public.

Vietcombank, which is the second largest bank in Vietnam, is one of four state run banks earmarked for partial privatisation over the next 12 months. The others are Vietindebank, Incombank and the Mekong Delta Housing Development Bank with a fifth, Agribank, expected to list in 2008.

The move is part of Vietnam’s obligations as part of membership of the World Trade Organisation, which admitted the south east Asian country in January.

Vietcombank has hired Credit Suisse in an advisory capacity in the run up to partial privatisation.
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