LienVietPostBank in talks to sell 25% stake to foreign investor

LienVietPostBank is now in talks to sell a 25% stake to a foreign investor, and in order to do so, the bank has locked foreign ownership at 5% to ensure the total foreign room in the bank at 30% as per regulations, said the bank’s top executive.



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A client is making transaction at an outlet of LienVietPostBank 



Nguyen Doan Son, vice chairman of the board cum general director, told investors at a road show in HCMC yesterday that his bank is now finalizing talks with the investor, but he stopped short of mentioning the investor’s name. 

He added his bank will only get listed after concluding the deal.

The foreign investor shows keen interest in the mid-sized bank owing to the large network the local bank enjoy and a customer base of 2.8 million, Son said. 

He expected the foreign investor would help his bank in mapping out a good governance strategy, as well as assist the bank in spurring capital.

“After the involvement of the foreign investor, LienVietPostBank will seek to spur capital, expand network, improve its governance in line with international standards, and then, we will seek to list our shares, either in HCMC or Hanoi,” Son told the investor forum.

Therefore, on October 5, up to 646 million LBP shares LienVietPostBank will be traded on UPCoM – the market for unlisted public enterprises – at the starting price of VND14,800 a shares. 

This price is some VND1,300 a share higher than the book value of the bank.

LienVietPostBank currently owns a network of 200 branches and offices, plus over 10,000 postal outlets.

The bank will soon issue 20 million convertible bonds worth VND2 trillion, with half to existing shareholders, less than VND320 million worth of shares to the bank’s employees, and the remainder to outsiders.

As of August 31, the bank had total assets at VND150 trillion, its mobilized funds totaled VND138 trillion, and outstanding loans at VND96 trillion. 

Its pre-tax profit was estimated at VND1,298 billion.

SGT

LienVietPostBank in talks to sell 25% stake to foreign investor, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news
 
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