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RETAIL BANKING | Cesar Tordesillas, Vietnam

VietinBank to sell 15 % stake to Bank of Nova Scotia

Vietinbank will complete the sale of 15 percent stake to Canada’s Bank of Nova Scotia in the second half of this year.

Pham Huy Hung, chairman of VietinBank, said procedures will be completed in the third quarter, and Bank of Nova Scotia will become VietinBank’s strategic shareholder by the end of this year.

The stake transfer is part of a plan to raise the bank’s registered capital by 41 percent to VND23.8 trillion this year.

In October, the International Finance Corp bought 10 percent of VietinBank for $177 million.

Hanoi-based bank set VND5.1 trillion or $255 million in pre-tax profits, rising 11 percent from earlier this year.

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