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| Vietinbank on Friday successfully divested all 16.875 million shares of Saigonbank, Vietinbank Securities Co announced. — Photo cafeland.vn |
HA NOI (Biz Hub) — Vietinbank on Friday successfully divested all 16.875 million shares of Saigonbank, Vietinbank Securities Co announced.
With the auctioned average price of VND12,500 per share, two individual investors spent VND211 billion to hold a 5.48 per cent stake in Saigonbank.
Previously, 10 individual investors registered to buy up to 67.5 million shares of Saigonbank, an amount four times higher than the total number of shares Vietinbank went on to sell at Friday's public auction.
After the auction, Vietinbank, one of Viet Nam's largest lenders, reduced its stake in the smaller Saigonbank to 4.91 per cent from its current 10.39 per cent stake.
The sale of shares was in line with the central bank's existing rules on cross ownership, which limit the stake a local commercial bank can hold in another lender to less than 5 per cent, according to Vietinbank.
One of Viet Nam's smallest lenders in terms of assets, Saigonbank posted a pre-tax profit of VND54.73 billion last year, a more than four-fold drop from 2014. — VNS