VIB Seeking Foreign Partner for Privatization
Vietnam International Commercial Bank (VIB Bank) is selecting one of the world leading lenders as its strategic partner in the privatization process, VIB Bank general director Trinh Thanh Binh announced.
The bank will announce the name of a foreign partner by the end of this year, Binh said, not giving any more detail.
“Our bank and the foreign partner are negotiating the price,” added Binh October 15.
The unlisted bank aims to receive from the foreign partner assistance in technology, administration and staff training, and financial capacity.
The counterparts, meanwhile, are seeking to hold a 15 per cent stake in the bank when it lists shares on HOSE by the end of the year, the maximum level allowed by State Bank of Vietnam.
The Hanoi-based bank now has total assets of VND23 trillion (US$1.4 billion) and a registered capital of VND1.5 trillion. It is expanding its network by opening three offices in October, bringing its total outlets to over 70 nationwide as the end of this month. (VNA)
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