BIDV, Incombank Select Privatization Advisers
The Bank for Investment and Development of Vietnam (BIDV) and the Industrial and Commercial Bank (ICB) have selected Singapore-based Morgan Stanley Dean Witter Asia and JP Morgan Securities Asia Pacific Ltd respectively as their privatization advisers.
Deputy Prime Minister Nguyen Sinh Hung has approved their selections and the two state-owned banks have been assigned to sign the deals with the foreign bankers.
The foreign advisers will help the two state banks in asset appraisal, set up privatization and IPO plans, and select the strategic investors.
BIDV is expected to summit its equitization details to the Government in the fourth quarter, aiming to have its IPO later this year.
Meanwhile, ICB will also complete its privatization process soon, and plans to launch IPO before the end of 2007.
In February, the Vietnam Foreign Trade Bank (Vietcombank) chose Credit Suisse as its privatization adviser in a US$5 million deal. (VietNamNet)
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