Second LienVietPostBank share auction fails to attract buyers

By Quynh Trang   April 18, 2023 | 03:39 am PT
Second LienVietPostBank share auction fails to attract buyers
Inside an office of LienVietPostBank. Photo courtesy of the bank
The state-owned postal service Vietnam Post Corporation (VNPost) has failed to sell 140.5 million shares of LienVietPostBank in a second auction, with no one registering to buy them.

The auction was originally scheduled on April 21 but was canceled, according to the Hanoi Stock Exchange.

VNPost wanted to sell the shares at VND22,908 each, 60% higher than the stock market on Friday.

Last year, VNPost failed to sell 122 million LPB shares at VND28,930 each. Seven individuals registered to buy the shares but none came to the auction.

Leaders of LienVietPostBank said earlier the auction was not successful due to unfavorable market conditions.

The bank is set to ask its shareholder’s permission to change its name to LPBank to increase brand recognition.

The bank has made several senior staff changes since the end of last year, including appointing new chairman Nguyen Duc Thuy in December.

CEO Pham Doan Son, who has been with the bank since 2008, resigned for personal reasons last month.

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