Many banks planning move to HoSE

Tuesday, May 09, 2023 10:00

The Ho Chi Minh Stock Exchange's headquarters in HCM City. — Photo courtesy of HoSE

Banks, including VietBank (VBB) and Viet Capital Bank (BVB), are expected to transfer from UpCOM exchange to the Ho Chi Minh City Stock Exchange (HoSE).

The plans were approved at their recent General Meeting of Shareholders.

Nguyen Huu Trung, general director of Vietbank, said that the listing of VBB shares on the stock market can prove its transparency and strengthen its operational capabilities to achieve the strategic objectives from 2023 to 2025.

This year, Vietbank targets profit before tax of VND960 billion (US$40.9 million), an increase of 46 per cent on-year. Total assets are estimated to rise 12 per cent to VND125 trillion.

Vietbank also plans to raise capital by over VND1 trillion by issuing shares at a rate of 21 per cent to current shareholders. After the issuance, the bank's charter capital is expected to increase from VND4.77 trillion to VND5.78 trillion.

Meanwhile, Viet Capital Bank's shares will be listed on HoSE after two years of trading on UpCoM. This will enhance trading conditions for shareholders while also taking a significant step toward the future.

The bank aims to achieve a total assets of VND86.6 trillion, up 10 per cent, with capital mobilisation from residents and economic organisations, excluding credit institutions, up 16 per cent to more than VND69 trillion.

ABBank has also proposed to list shares on another trading floor to shareholders for approval.

ABBank expects profit before tax to rise significantly by 68 per cent from 2022 to VND2.8 trillion this year. Its total assets are forecast to advance 5 per cent to VND136.8 trillion. The bank hopes to mobilise from people and organisations a value of VND93.5 trillion, a gain of 2 per cent.

At the General Meeting of Shareholders last year, Nam A Bank requested shareholders to approve its listing plan; however, due to market circumstances, this plan was postponed to protect shareholders' interests.

Until now, there are 17 banks with shares listed on HoSE, two banks having shares listed on HNX, eight banks trading on UpCOM, and three banks trading on OTC. Securities expert Huy Nam said that the switch from UPCoM to HoSE will raise the transparency and governance standards of banks in the market. — VNS

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