CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
South Korea’s KEB Hana Bank to buy 15% stake of Vietnam’s BIDV
Ngoc Mai 15:40, 2018/11/01
At the current market price of VND30,350 (US$1.3) per share, the planned shares of Bank for Investment and Development of Vietnam (BIDV) issued to KEB Hana Bank are worth VND18.3 trillion (US$735 million).
State-run BIDV, the country's second-largest lender by assets, planned to issue 603 million shares or a 15% stake through private placement to KEB Hana Bank, a subsidiary of South Korea’s Hana Financial Group, after unconfirmed rumors, the former said in a statement on its website.
 
Illustrative photo.
Illustrative photo.
The share issuance is expected to take place in 2018 or 2019. At the current market price of VND30,350 (US$1.3) per share, the planned BIDV shares issued to KEB Hana Bank are worth VND18.3 trillion (US$735 million). The shares in subject would be non-transferable in at least 5 years. 

The move would reduce the state ownership at the bank from 95.28% to 80.99%.

Foreign ownership in a Vietnamese bank is capped at 30%. A foreign investor is allowed to hold up to a 15% stake in a local bank while the room for a foreign strategic investor is set at 20%.

BIDV is one of Vietnam's four major government-run commercial banks. It staged its initial public offering (IPO) in 2011 and was listed on the Ho Chi Minh City Stock Exchange in 2012. 

KEB Hana Bank, together with its subsidiaries, provides commercial banking, trust banking, foreign exchange, and merchant banking services to retail and corporate customers in South Korea and around the globe. 

On January 5, the chairman of KEB Hana Bank met with the Deputy Prime Minister Vuong Dinh Hue, emphasizing the cooperation between Hana Bank and BIDV. 

BIDT targeted its pre-tax profit in 2018 to reach VND9.3 trillion (US$399 million), for which the lender has completed 78% of the target as of September 2018. 
Comments
Other news
21:53, 2024/05/04
PM urges Central bank to ensure positive growth in 2024
Local lenders are encouraged to provide incentives and attract individuals to take out consumer loans.
17:07, 2024/05/03
Vietnamese Gov't to continue VAT cut for second half of 2024
If the VAT reduction policy is continued for the last six months of the year, the total revenue loss for 2024 is projected to be approximately VND47.5 trillion (US$1.87 billion).
21:54, 2024/04/23
3,400 taels of gold purchased at the first-in-11-year auction
Gold trading firm SJC and lender ACB are the two successful bidders at the auction held today.
16:19, 2024/04/22
HoSE to launch KRX-developed transaction system in early May
Brokerage firms are expected to prepare data for the transition to the new system.
15:23, 2024/04/22
Central bank moves gold auction to tomorrow
The auction was postponed due to a lack of bidders and escrow deposits.
18:14, 2024/04/19
Vietnam’s c.bank sells USD to stabilize exchange rate
The move is aimed at alleviating market concerns, increasing foreign exchange supply, and ensuring smooth liquidity.