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VietNamNews

Vietnamese banks on track for listings

Update: July, 17/2014 - 09:32
Clients make transactions at VIB in Ha Noi. The majority of Viet Nam's commercial banks are planning to list on one of the two national indices by 2015.— VNA/VNS Photo Tran Viet

HA NOI  (VNS) — A majority of Viet Nam's commercial banks are planning to list on one of the two national indices by 2015, according to HCM City Stock Exchange deputy general director Tran Anh Dao.

According to the central bank's regulation, all commercial banks must list shares on the stock market by 2015 and banks are well on track to comply with this rule, Dao said.

"The readiness of banks is better. They are aware of compliance with the listing regulation and are preparing for it," Dao told Saigon Times Online.

Dao said that several banks were focusing on restructuring this year, while some were preparing for mergers and acquisitions (M&A) before listing.

There are more than 20 commercial banks currently operating nationwide, all of which are public companies with more than 100 shareholders.

Some of the country's biggest lenders have already listed shares, including Vietcombank (VCB), Vietinbank (CTG), Military Bank (MBB), Sacombank (STB), Bank for Investment and Development of Viet Nam (BID) and Eximbank (EIB) on the HCM City Stock Exchange and Asia Commercial Bank (ACB) and Sai Gon-Ha Noi Bank (SHB) on the Ha Noi Stock Exchange.

To date, the State Bank of Viet Nam has received 24 restructuring plans and approved 18, while eight of 11 non-bank credit institutions have been given the green light to restructure by the central bank, according to the Saigon Times Online.

Early this year, credit institutions were required to provide an independent audit of their credit rating under new loan classification regulations set by the State Bank of Viet Nam. The measure aims to ensure stronger bad debt assessments and assist regulatory bodies in issuing timely policies. — VNS

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