Incombank to Conduct IPO in March 2008

According to Mr Pham Huy Hung, Chairman of Incombank’s Board of Managers, Incombank’s equitization plans will be submitted to the Government in January 2008 and will get approved by the Government prior to February 2008. In March 2008, IPO will be conducted domestically. Accordingly, Incombank will issue shares to the public to raise the stockholder equity and the next step is to select its strategic partners. 

 

Incombank’s total asset at the time of IPO is estimated to be VND180 trillion, including state-owned capital of VND10 trillion. Incombank will conduct IPO by issuing more shares to raise stockholder equity by 25 percent. Incombank’s chartered capital after IPO, therefore, will be increased to over VND13 trillion. The state-owned capital at the bank will remain at VND10 trillion but the state-owned ratio of stakes will be reduced to 75 percent. Incombank is currently considered the bank with the strongest business system in terms of scale, total asset, technology and human resource, etc. as well as a healthy financial status