When the government’s review of equitisation plans of several enterprises for the last six months of this year was released, Vietcombank confirmed its schedule for initial public offering (IPO) this August. In addition, Vietcombank is also urgently negotiating to select strategic investors. Ms Nguyen Thi Thu Ha, Deputy General Director of Vietcombank, talked to the press on this occasion.
Could you please tell the process of Vietcombank equitisation, as well as the domestic IPO plan?
We are trying to keep the equitisation plan on schedule. Basically, the plan has no major changes. Vietcombank will pick strategic partners before its domestic IPO as stated in the Prime Minister’s instruction. Thus, the bank has to carry out both targets in August. The workload and pressure will certainly be very high, as the selection of strategic investors requires sufficient time for negotiations.
Who will be able to access the IPO and how many shares will be sold at this IPO?
The domestic issue will account for some 30 per cent. Buyers can be domestic organisations, individuals and partners who have long-term business relationships with Vietcombank. Shares will also be offered to one or two foreign strategic investors. A proportion of shares will be sold to staff, as stipulated in government Decree 187, and a proportion of shares will come from convertible bonds.
Which criteria will strategic partners have to satisfy to be selected and to buy shares?
The Government has agreed on the targeted buyer structure of the initial public offering as proposed by Vietcombank. The price of shares sold to strategic investors will be no less than the average winning price range. In addition, strategic investors need to make long-term investment commitment, and cannot transfer shares during a certain preset period of time. Strategic investors are entitled to take part in the process of Vietcombank’s restructure under the law.
Can you talk about the possibility of an international IPO and listing Vietcombank shares on overseas bourses?
The international IPO plan will be executed in early 2008. In any circumstance, the State will remain the dominant shareholder with at least 51 per cent of stakes in Vietcombank.
The Prime Minister has instructed that immediately after the domestic IPO, Vietcombank will make necessary preparations to turn into a financial and banking group. Which fields will Vietcombank focus on?
Vietcombank group will cooperate with partners to focus on the highest potential fields. Vietcombank’s two strategic fields are retail banking and investment bank services. Retail is commercial banking services for customers, like money transfers, deposit accounts, consumer lending, e-payments and ATMs.
Investment bank operations consist of not only direct financial investment services, but also investment into joint stock companies, equitisation consultancy, share issuance, bond issuance, and merger and assets management.
Bang Chau
Vietnamese
