The State Capital Investment Corporation (SCIC), Vietnam’s sovereign wealth manager, will unload its entire stake in Maritime Bank next month.
A block of more than 2.4 million shares will be auctioned at the Hanoi Stock Exchange on October 26, starting at VND11,700 ($0.53 cents) per share, according to a statement on the bourse’s website.
The block is equivalent to 0.3 percent of the bank’s charter capital. Maritime is looking for a single buyer.
Around a year ago, the unlisted lender completed its merger with the smaller Mekong Development Bank, a move sanctioned by the central bank as part of the country’s banking sector reform.
Maritime Bank in July reported revenue of VND1.28 billion ($57.49 million) for the first six months, up 41 percent from the same period last year. Its pre-tax profit was VND151 billion and non-performing loans stayed under 3 percent, the bank said.
It has set a pre-tax profit target of VND190 billion for the year.
Vietnam is in the middle of a privatization drive, with plans to divest from a wide range of state-owned enterprises, including dairy giant Vinamilk and major breweries Sabeco and Habeco.
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The State Capital Investment Corporation is set to sell it entire stake in Maritime Bank in October. Photo from thanhtra.com.vn |
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