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International Finance sells 55.7 million shares in VietinBank

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International Finance sells 55.7 million shares in VietinBank

Vietnam Joint Stock Commercial Bank for Industry & Trade shareholder International Finance Corp. sold 55.7 million shares of the bank to trim its stake to 4.99% from 6.486%, Viet Nam News reported Jan. 14.

International Finance and its investment vehicle, IFC Capitalization Equity Fund, sold more than 18.9 million shares and 36.8 million shares, respectively. The investor group now collectively holds about 185.8 million shares in the Vietnamese lender and is no longer a major shareholder of the company, according to the report.

VietinBank's other shareholders include State Bank of Vietnam and Japan's MUFG Bank Ltd., which hold 64.46% and 19.73% stakes in the bank, respectively.