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WHOLESALE BANKING | Cesar Tordesillas, Vietnam
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BIDV to sell 15% stake to chosen strategic partners

BIDV together with its consultant Morgan Stanley will actively negotiate to sell shares to foreign strategic partners with about 15 percent stake.

 

It was announced by BIDV deputy general director Pham Quang Tung that the bank will complete the transformation into a joint-stock commercial bank and plans to list share on the stock exchanges by the end of the second quarter this year.

The bank will strive to choose strategic investors in 2012 or no later than the first quarter 2013.

On March 7, the prime minister issued a Decision No 278 adjusting the chartered capital of BIDV whereby the bank’s current chartered capital is nearly 23.012 trillion dong, of which, the state holds 95.76 percent stake, 0.56 percent stake held by the bank’s staff and 3.68 percent was auctioned to the public via Hanoi Stock Exchange.

Previously, according to the government’s decision on BIDV’s equitisation plan issued on November 30, 2011, BIDV’s chartered capital will be over 28.251 trillion dong.

In the first phase, the state will hold 78 percent stake, non-state shareholders hold 22 percent stake. Of which, the bank offered 3 percent for its IPO and 4 percent stake will be held by the bank’s employees and 15 percent will be offered to the foreign strategic investors.

In the second phase, BIDV will issue additional shares to the foreign strategic investors with a total volume of not exceeding 20 percent stake and offer additional shares to thepublic, gradually reducing the state holding ratio to no lower than 65 percent stake by 2015.

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