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VietinBank to sell remaining stake in Saigon Bank in Q2

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VietinBank to sell remaining stake in Saigon Bank in Q2

Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietinbank, plans to sell the remaining 4.91% stake it holds in Saigon Bank for Industry & Trade in the second quarter, Viet Nam News reported March 20.

Vietinbank currently holds more than 15.1 million shares of Saigon Bank. With a starting price of 20,100 Vietnamese dong per share, the share sale may fetch nearly 304 billion dong for Vietinbank. The share sale is part of Vietinbank's plan to restructure its portfolio.

In 2016, Vietinbank sold 16.9 million shares in Saigon Bank, reducing its stake in the bank to 4.91% from 10.39% previously. The share sale was in line with the central bank's rule that limits banks to hold less than 5% of interest in another lender.

As of March 20, US$1 was equivalent to 23,210 Vietnamese dong.