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LienVietPostBank in final talks to divest 25% stake to foreign investor

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LienVietPostBank in final talks to divest 25% stake to foreign investor

LienViet Post Joint Stock Commercial Bank is "finalizing" discussions to divest a 25% stake to an unnamed foreign investor, VietNamNet reported Oct. 4, citing Nguyen Doan Son, vice chairman and general director of the bank.

The lender will list its shares Oct. 5 on the Hanoi stock exchange's Unlisted Public Company Market at a starting price of 14,800 dong per share. This is about 1,300 dong per share higher than the bank's book value, according to the report.

In addition, LienVietPostBank will issue 20 million convertible bonds amounting to 2 trillion dong. Of this, 1 trillion dong worth of bonds will be issued to the lender's existing shareholders, less than 320 million dong worth of bonds will go to its employees and the rest will be issued externally.

The bank will only get listed, either on the Ho Chi Minh City or Hanoi bourses, after the deal is completed, the vice chairman said. It will also seek to grow its capital, expand its network and enhance its governance in line with international standards following the transaction.

Vietnam's laws cap foreign ownership in a local bank at 30%.

As of Oct. 4, US$1 was equivalent to 22,728.50 Vietnamese dong.