Updated  
January, 25 2014 10:25:50

BIDV seeks foreign strategic investors

HCM CITY (VNS)— The Bank for Investment and Development of Viet Nam has set a goal to win foreign strategic partners later this year or no later than the first half of 2015, according to the bank's chairman Tran Bac Ha.

"Morgan Stanley (a consulting firm) has provided us a shortlist of over 20 potential investors that are commercial banks, financial groups and major investment funds in Asia, Europe and America," Ha said during a ceremony at the bank's first trading session at the HCM Stock Exchange yesterday. The listing facilitates liquidity for its over 2.8 billion shares.

He added that special interest had been shown by investors from Japan.

The bank has been working out criteria for the selection of foreign strategic shareholders, drafting information memos and forming a database as part of its preparation.

It also plans to issue new shares to increase legal capital.

BIDV expects to have pre-tax profit of at least VND6 trillion (US$285.7 million) this year.

The bad debt rate will be controlled at no more than 2.6 per cent. Return on assets (ROA) will be 0.78 per cent and return on equity (ROE) will be 13.3 per cent.

Shareholders will be able to receive dividends of between 8-9 per cent. By end of last year, the bank's total assets stood at VND550 trillion ($26.2 billion).

Its pre-tax profits totalled VND5.233 trillion ($249.2 million), up almost 21 per cent over the 2012 figure.

Exchange-traded funds expected in third quarter

Speaking at the event,Nguyen Son, the head of the State Securities Commission's market development department, revealed that stock market management bodies had been making every legal and technical preparation for the establishment of the country's first Exchange-Traded Funds (ETFs) and its certificate trading in the third quarter.

The two exchanges in Ha Noi and HCM City are completing related regulations and the mechanism for the trading of ETF certificates.

In addition, the Viet Nam Securities Depository is working on the implementation of clearing ETF certificate transactions. — VNS


Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Wild peach branches disappear as demand rises Wild peach branches disappear as demand rises

It's hard to find ancient wild peach branches on sale in the northern mountainous province of Son La, due to their overexploitation by the local people.

Flower Road to be opened today Flower Road to be opened today

The Flower Road in HCM City's Ham Nghi Street will be opened to the public at 7pm today. Viet Nam News photographer Van Dat presents different images of the Flower Road, as seen through his lens.

Vietnamese consumer confidence "largely intact": Economist Vietnamese consumer confidence "largely intact": Economist

Vietnamese consumers started 2015 with their confidence broadly unchanged after a tumultuous 2014, ANZ Bank Economist Glenn Maguire said in a recent report.

Viet Nam ranks 10th worldwide in remittances Viet Nam ranks 10th worldwide in remittances

Viet Nam was among the top 10 countries in the world with the largest amount of remittances from abroad last year, with around US$12 billion, according to the Western Union company, which handles money transfers worldwide.

Viet Nam sit at 137th in world football rankings Viet Nam sit at 137th in world football rankings

Viet Nam jumped up four steps in international football rankings, according to FIFA's latest list.