IFC unloads VietinBank stake

By Dat Nguyen   January 14, 2020 | 12:29 am PT
IFC unloads VietinBank stake
The logo of VietinBank seen at a branch in Hanoi. Photo by Shutterstock/TK Kurikawa.
World Bank’s International Finance Corp (IFC) has shed a 1.5 percent share in VietinBank following an earlier divestment.

IFC and equity arm IFC Capitalization Fund on January 8 lowered their combined ownership in VietinBank, Vietnam's third largest lender by assets, from almost 6.49 percent to 4.99 percent, VietinBank stated Monday.

On January 8, IFC and its equity fund sold 55.7 million CTG shares on Ho Chi Minh Stock Exchange (HoSE) priced at VND20,500 (89 cents) apiece, valuing the deal at VND1.14 trillion ($49.28 million).

IFC in November last year had already lowered ownership in VietinBank from 8 percent to almost 6.5 percent.

In 2019, VietinBank recorded a pre-tax profit of almost VND11.5 trillion ($495 million), up 83 percent year-on-year. It targets 10 percent pre-tax profit growth this year.

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