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Banking & Finance

Vietinbank to sell 5.48% of SGB

Released at: 23:17, 26/05/2016

Vietinbank to sell 5.48% of SGB

Bank to cut its shareholding from 10.39% to 4.91% via public auction in second quarter.

by Hong Nhung

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank - stock code CTG) has released a notice of divestment from the Saigon Bank for Industry and Trade (stock code SGB). SGB’s charter capital is around $138 million, of which more than $14 million, or 10.39 per cent, is held by Vietinbank.

Vietinbank expects to conduct a public auction of nearly 17 million voting shares, or 5.48 per cent of capital, in the second quarter of this year at an initial price of VND10,800 per share.

The divestment is to comply with the provisions of Point B, Item 3, Article 20 of Circular No. 36/2014/TT-NHNN dated November 20, 2014 from the State Bank of Vietnam, which regulates limitations and capital safety ratios in the operations of credit organizations and foreign bank branches.

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