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Vietinbank to sell 10 percent stake to overseas investors   2008-09-25 - VNA

The Government has approved an equitisation plan of the Vietnam Industrial and Commercial Bank (Vietinbank), allowing it to sell 10 percent of its stake to foreign strategic investors in the first phase.

According to a decision signed by the Prime Minister on September 23, Vietinbank will be permitted to select a maximum of two foreign strategic investors, with the total stake offered to foreign investors through different phases not exceeding 20 percent of its total charter capital.

Vietinbank will also be allowed to issue shares to attract more capital on the principle that the State holds a controlling stake, which must be at least 51 percent of its charter capital.

The State Capital Investment Corporation acts as the owner of the state capital in Vietinbank, which has a total charter capital of 13.4 trillion VND.

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