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Maybank to hold 20% of ABBank   2009-03-28 - VNS

Malaysia’s Maybank would increase its stake at An Binh Bank (ABBank) from 15 per cent to 20 per cent by May, ABB Bank announced yesterday.

The Ha Noi-based bank – in which utility giant Electricity of Viet Nam is the leading shareholder – also set a target to pay a dividend on 2009 profits of 15 per cent, and further announced plans to increase its charter capital later this year from VND2.71 trillion (US$152.25 million) to VND3.48 trillion ($195.51 million).

Maybank, Malaysia’s biggest lender, acquired a 15 per cent stake in ABB Bank in November, worth VND2.7 trillion ($151.68 million) and resulting in a capital surplus of VND1.4 trillion ($78.65 million) for ABBank.

A 15-per-cent stake is the maximum a foreign investor is allowed by law to hold in a domestic bank. A single foreign investor may be able to hold up to 20 per cent upon the approval of the Prime Minister.

ABBank has received "green light" and was only waiting on documentation, an ABBank official told Viet Nam News on condition of anonymity.

The EVN holds a 28.3-per-cent stake in ABBank, followed by Ha Noi Export and Import Co, at 7.2 per cent.

ABBank has targeted to increase total assets by 41 per cent this year from VND13.75 ($772million) to VND19.36trillion ($1.08 billion). It projects pre-tax profits of VND400 billion ($22.47 million).

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