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Standard Chartered Bank raises stake in Asia Commercial Bank   2008-07-20 - VNA

VietNamNet Bridge - Standard Chartered Bank will begin buying 16.2 million ACB shares from the International Finance Corporation (IFC) on July 24, the Hanoi Securities Trading Centre announced on its web-site on July 18.

The share’s price of the sale is set at 140,000 VND, more than double the current market price.

In early May, Standard Chartered Bank announced it would raise its stake in ACB to 15 percent, through the acquisition of 6.16 percent of the bank’s shares from IFC. Under the deal, the London-based bank also increased its holdings in ACB’s outstanding convertible bonds from 8.76 percent to 15.86 percent. Late last week, Asia Commercial Bank received the State Bank’s approval to raise its charter capital to 5.80 trillion VND (351.81 million USD) from 2.63 trillion VND.

The local bank has already posted a profit of 1 trillion VND (60.60 million USD) in the first six months of the year. The bank also had an outstanding loan of 41.89 trillion VND.

The bank’s total assets as of June 30 were 102.64 trillion VND.

“This purchase by Standard Chartered will help ACB’s price further increase,” said Nguyen Tien Dung, an independent analyst. “It helps promote ACB’s position in the general market, as well, with the support of an experienced financial institution like Standard Chartered.”

Standard Chartered has been a shareholder and strategic partner of ACB since July 2005.

At present, it holds an 8.84 percent stake in ACB. ACB closed up 1.17 percent on July 18 to 67,000 VND, seeing over 2 million shares change hands

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