Vietnam Bank News

Vietnam Bank Directory

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates

Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

Banking News & Financial Services News
Get the latest banking news headlines from Find in-depth Vietnam coverage from banking, investing, financial, stock market, and more abou Vietnam banking system, bank for industry and trade, Vietnam banking sector.

Eximbank cancels 2009 listing on financial turmoil   2008-11-30 - Bloomberg

Vietnam Export-Import Commercial Joint-Stock Bank, partly owned by Sumitomo Mitsui Financial Group Inc., has canceled its plan to list shares next year due to the global financial crisis.



“It is not a good time to list next year given both the domestic and world financial situations,” Le Thi Hoa, vice chairwoman of the lender known as Eximbank, said in an interview in Ho Chi Minh City Sunday. “We will consider better timing and seek approval from our shareholders later.”

The benchmark VN-Index has plunged 67 percent this year as foreign investors retreat from emerging markets amid a global recession. The government on November 6 lowered its growth target for next year to 6.5 percent from an earlier 7 percent.

The HCMC-based lender also reduced its registered capital target this year to VND7.2 trillion (US$425.5 million) from VND7.38 trillion ($436.1 million) planned in March, according to general director Truong Van Phuoc.

The bank would sell 297 million shares worth VND2.97 trillion next month to existing shareholders, Phuoc said.

As of the end of October, Eximbank had total assets of VND49.6 trillion ($2.9 billion) and its registered capital was VND4.2 trillion ($248.2 million), a 50 percent jump since the beginning of the year, according to a report released at a shareholders’ meeting Sunday.

Pretax profit was VND1.2 trillion ($71 million) in the first 10 months, an increase of 116 percent from a year earlier, the report said.

Eximbank has outstanding property loans of VND4 trillion ($236 million), or 18.2 percent of its outstanding debts, at the end of November, according to Phuoc.

It has sold a 15 percent stake to Sumitomo Mitsui, Japan’s third-largest bank by revenue, 5 percent to VOF Investment Ltd. of Virgin Islands, 4.5 percent to Mirae Asset Exim Investment Ltd. of South Korea, and 0.5 percent to Mirae Asset Maps Opportunity Vietnam Equity Balanced Fund 1, according to the report.

Other Banking News

Central bank to ‘manage’ currency to narrow trade deficit   2008-11-30

Vietcombank to pay 12 percent maiden dividend on Dec. 25   2008-11-29

Local banks slash interest rates   2008-11-27

French strategic partner assists SeABank   2008-11-25

Local banking service provider scoops int’l award   2008-11-25

Banks cut deposit rates to reduce costs   2008-11-25

How to deal with mini banks?   2008-11-25

ACB sells Amex travellers cheques   2008-11-23

Prime rate continues going down   2008-11-20

Vietcombank plans zero growth on this year’s mobilization   2008-11-19

Interest rates down, banks in a dilemma   2008-11-19

Banks considering collecting ATM fees, again   2008-11-18

Banks lower rates, but can firms qualify for loans?   2008-11-16

Expanding branches financially burdening banks   2008-11-14