Foreign ownership in the Vietnam Technological and Commercial Joint Stock Bank is officially at zero percent (Photo: Techcombank)Hanoi (VNA) - Foreign ownership in the Vietnam Technological andCommercial Joint Stock Bank (Techcombank) is officially at zero per cent, thebank announced late last week.
Previously, in its announcement to shareholders on August 30, the bankrequested shareholders to approve the zero foreign ownership temporarily,following HSBC’s divestment in July. It also expressed its intention to raisethe level of foreign ownership later, but not higher than 30 percent of itscharter capital.
Back in mid-August, HSBC sold all 172 million shares to Techcombank, to be usedas treasury stocks at 23,445 VND (1.04 USD) per share, according to the bank’sboard of directors.
The shares previously amounted to 19.4 percent of Techcombank’s chartercapital, and are currently priced at a total of some 4 trillion VND (178.1million USD).
Besides Techcombank, other banks such as VPBank and LienVietPostBank have alsorecently reduced the foreign ownership ratio. VPBank has lowered the rate to22.378 percent from the earlier 25 percent, while the rate at LienVietPostBankis at just 5 percent.
According to LienVietPostBank, the move is aimed at setting aside the ownershipof strategic foreign partners and restricting purchase by individual foreigninvestors.-VNA
Previously, in its announcement to shareholders on August 30, the bankrequested shareholders to approve the zero foreign ownership temporarily,following HSBC’s divestment in July. It also expressed its intention to raisethe level of foreign ownership later, but not higher than 30 percent of itscharter capital.
[Techcombank wants no foreign ownership]
Following HSBC’s departure, Techcombank intends to actively seek a capablestrategic investor in the near future.Back in mid-August, HSBC sold all 172 million shares to Techcombank, to be usedas treasury stocks at 23,445 VND (1.04 USD) per share, according to the bank’sboard of directors.
The shares previously amounted to 19.4 percent of Techcombank’s chartercapital, and are currently priced at a total of some 4 trillion VND (178.1million USD).
Besides Techcombank, other banks such as VPBank and LienVietPostBank have alsorecently reduced the foreign ownership ratio. VPBank has lowered the rate to22.378 percent from the earlier 25 percent, while the rate at LienVietPostBankis at just 5 percent.
According to LienVietPostBank, the move is aimed at setting aside the ownershipof strategic foreign partners and restricting purchase by individual foreigninvestors.-VNA
VNA
