Vietnam Bank News

Vietnam Bank Directory

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, 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.

Investment bank raises $75m from IPO   2011-12-30 - VNA

The Bank for Investment and Development of Viet Nam (BIDV), the country's second biggest in terms of total assets, has raised VND1.58 trillion (US$75 million) in its initial public offering (IPO) on Wednesday.

"The bank sold 84.8 million shares, a 3 per cent stake, at an average price of VND18,583 each in a two-day auction organised by the Ha Noi Stock Exchange," said the bank's chairman Tran Bac Ha at a press conference in Ha Noi yesterday.

The highest successful bid was VND35,000, while the lowest was VND18,500.

Specifically, there were 16,238 investors participating in the auction, including 129 organisations and 16,109 individuals.

The total share subscription was 140,875,100.

It is reported that 40 per cent of the shares were bought by BIDV employees.

"The high number of investors registered to auction (166.2 per cent) shows they have great trust in the bank," said Pham Quang Tung, BIDV's deputy general director.

Tung added that the IPO was the biggest this year and that the registered number of investors ranked second.

The winners of the auction will have until January 13, 2012 to pay up.

Ha Noi-based BIDV received bids for 140.9 million shares in the IPO, which was managed by Morgan Stanley. The shares will begin trading on the HCM Stock Exchange on June 26.

The lender will offer a 15 per cent stake to a strategic partner nine months after the share sale.

BIDV plans to hold a shareholders' meeting on March 8, 2012.

On May 2, 2012, the bank will reveal its new operation model for conversion from being 100-per-cent State-owned to becoming a joint stock commercial bank.

Ha said BIDV expected to reach profit growth of 30-35 per cent and a return on equity (ROE) of 17-19 per cent. BIDV also committed to paying a dividend higher than the average savings' interest rate for a 12-month term.

Meanwhile, BIDV recently announced its development strategy for the 2011-15 period, with a vision till 2020, to become one of the 20 leading banks in the Southeast Asia.

In the 2011-15 period, BIDV will focus on completing 10 goals. Most notably, the bank plans to build up a new organisational model, enhance its operating capacity at all levels and create a solid foundation for becoming a leading financial group in Viet Nam.

BIDV will focus on the comprehensive restructuring of its business sectors to improve efficiency and maintain quality and control risk.

BIDV also plans to develop its retail banking activities and hold a larger market share on outstanding loans, capital mobilisation and retail services.

BIDV is also striving to become a bank with the best international credit rating in Viet Nam.

The local lender said it would improve the business performance of its subsidiaries and associated companies and restructure its portfolio to focus on core business areas.

Accordingly, BIDV will implement its action plan, which has eight key components, including credit, capital mobilisation, investment, capital business, retail banking development and income.

Other Banking News

Banks fear ceiling interest rate may be lowered further   2011-12-02

Banks urge real estate developers to pay debts   2011-11-17

Five banks to trade gold bars to ‘stabilise market'   2011-10-07

Goldsmith companies, banks planning “general offensive” to stabilize gold market   2011-10-07

Bank Directory

Banks begin to ease lending rates   2011-08-26

SBV Governor: domestic gold prices not abnormal   2011-07-29

Vietnamese bank CEO can earn up to 20 billion dong a year   2011-07-27

Vietnam dong deposit interest rates cool down   2011-07-08

State Bank tries to limit number of gold traders   2011-07-02

Banks and logistics companies shaking hands to become stronger   2011-06-05

Banks still accept gold deposits   2011-05-23

Banks attempting to collect ATM fee, for the fourth time   2011-05-12

Bank loan interest rates climb to new high, SMEs stop borrowing   2011-04-20

Bank seeks foreign investors   2011-04-18