VietinBank to sell its stake in Saigonbank

By Dat Nguyen   April 10, 2019 | 07:38 pm PT
VietinBank to sell its stake in Saigonbank
People ride motorcycles past a branch of VietinBank in Hanoi, Vietnam. Photo by Reuters/Kham
VietinBank will sell its remaining 4.91 percent stake in Saigonbank next Friday via an auction, the Hanoi Stock Exchange announced.

At a reserve price of VND20,100 (87 cents), the shares are worth VND303.5 billion ($13.08 million).

The state-owned Vietinbank, the country’s second biggest lender by assets, sold a 5.48 stake in Saigonbank in 2016, reducing its ownership in the bank to 4.91 percent.

Saigonbank reported profit after tax of almost 42 billion ($1.8 million) last year, down 24 percent from 2017. Its charter capital is VND3.08 trillion ($132.8 million).

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