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Vietcombank bank sells stakes in SaigonBank, Cement Finance

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Vietcombank bank sells stakes in SaigonBank, Cement Finance

Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, sold its entire stakes in Saigon Bank for Industry & Trade, or SaigonBank, and Cement Finance through an auction, raising 342.6 billion Vietnamese dong in the aggregate, Viet Nam News reported Nov. 21.

Vietcombank sold 13.25 million shares, or a 4.3% stake, in SaigonBank to two investors for approximately 266.36 billion dong. The bank had initially set an asking price of 12,550 dong per share for the SaigonBank shares. Further, the bank sold 6.6 million shares, or a 10.91% stake, in Cement Finance to nine individual investors for 76.25 billion dong. The initial asking price for Cement Finance shares was set at 11,549 dong per share.

In April, Viet Nam News reported that Vietcombank was seeking to sell its holdings in four local credit institutions, including SaigonBank and Cement Finance.

In addition to SaigonBank and Cement Finance, Vietcombank owns stakes in Orient Commercial Joint Stock Bank, Military Commercial Joint Stock Bank and Vietnam Export Import Commercial Joint Stock Bank, or Vietnam Eximbank.

Vietcombank aims to sell its shares in Orient Commercial Bank by the end of 2017 and its shares in Military Bank and Vietnam Eximbank in January 2018.

As of Nov. 21, US$1 was equivalent to 22,713 Vietnamese dong.