HCMC – Vietnam Bank for Industry and Trade, or VietinBank, on Sunday evening inked a cooperation deal with International Finance Corporation (IFC) including the sale of a 10% stake to the foreign institution at the value of US$190 million.
Pham Huy Hung, chairman of VietinBank, confirmed the information above with the Daily via the phone on Sunday.
In addition, the deal also includes a loan worth US$110 million from IFC to VietinBank with a term of ten years and interest rate equivalent to the Libor rate plus 1.5 percentage points a year, said Hung. After the stake transfer, the chartered capital of VietinBank will increase to VND21 trillion, or some US$1.05 billion, he added.
As of late June, the bank got approval from the State Securities Commission to issue 392 million shares, including 76.9 million shares to pay dividend existing shareholders and 315.1 million shares sold to shareholders.
Hung also told the Daily that by the end of this year, VietinBank will also sell another 15% stake to Canada-based Bank of Nova Scotia, bringing its chartered capital to about VND26 trillion.
VietinBank is the second State-owned bank of Vietnam going public after Vietcombank. It completed the initial public offering in July last year and then listed on the Hochiminh Stock Exchange under the code of CTG. The bank shares were traded at VND18,700 each last Friday, compared to VND40,100 each on the first trading day on July 16 last year.
In the first half of this year, VietinBank obtained nearly VND2.2 trillion in pre-tax profits.
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