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Foreign funds stake out Vietcombank IPO
25-SEP-2007 Intellasia | 21/Sep/2007 Lao Dong
Sep 25, 2007 - 7:08:00 AM
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The government has approved the equitisation scheme of the Bank for Foreign Trade of Vietnam (Vietcombank). This is perhaps the long-awaited IPOs in 2007 when almost all financial investment funds, particularly foreign funds, plan to inject their money into such leading shares.
Early this October, Vietcombank plans to select strategic partners and identify the timing of issuing IPOs, officially transformed into joint stock commercial banks.
With 44 years of operation, Vietcombank is the first bank in Vietnam conducting centralised capital management, trading foreign currency, issuing and paying international cards such as Visa, American Express, MasterCard, JCB and others.
To date, Vietcombank remains the country's leading bank in trade financing, international payment, forex trading, and advanced technologies.
Vietcombank has witnessed its total assets and profit growing strongly and continuously year after year.
According to the approved equitisation plan, Vietcombank will become a financial group after equitisation. In addition to such major banking activities as credit, particularly export and import credit, payment, Vietcombank will also expand to other financial fields like insurance real estate by contributing capital into joint ventures or clinching strategic partnership deals in some banks, insurance companies, establishing Vietcombank 198 High— rise Building Co., Ltd or Vietcombank-Bonday Joint Venture Co.
The strong financial foundation is Vietcombank's biggest advantage. Thus, Vietcombank is always a big brand domestically and internationally.
Additionally, Vietcombank is applying corporate management standards based on international standards.
Vietcombank and a series of other state run banks will conduct IPO following the new mode, namely, selecting and selling IPOs to strategic partners and then issuing shares to the public.
According to the approved scheme, in October or November, Vietcombank will make IPOs. This move will expectedly stimulate the capital market which is signaling some recovery, paving the ways for big IPOs of other state owned enterprises.
Foreign investors, particularly investment funds are also looking to Vietcombank's IPOs.
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