Two banks plan to shift trading platform this year

April 11, 2024 - 10:51
VietABank and BVBank are going to seek shareholders' opinions on transferring their stock trading activities from the UPCoM to listing on the stock exchanges.
Investors watch stock's movements at HoSE's headquarters in HCM City. — VNA/VNS Photo 

HÀ NỘI — VietABank and BVBank will seek shareholders' opinions on transferring their stock listing from the UPCoM to the main stock exchanges - the Hồ Chí Minh Stock Exchange (HoSE) or the Hà Nội Stock Exchange (HNX).

VietABank's Board of Directors will propose to the shareholders the listing of all outstanding shares of the bank on the stock exchanges upon regulatory approval when favourable market conditions, proper procedures and legal requirements are met.

According to VietABank, the listing of shares will enhance the lender’s credibility, position and brand. It will also seize the opportunity to attract investment capital, promote banking activities and strengthen its image among strategic foreign investors and international financial institutions.

Meanwhile, Viet Capital Commercial Joint Stock Bank (BVBank) will propose to shareholders the transfer of listing the bank’s shares from the UPCoM to HoSE. 

This plan was previously presented and approved at the 2023 annual general meeting but was not implemented due to unfavourable market conditions.

This year, BVBank forecasts persistent economic difficulties. However, the Board of Directors believe that the economy will soon show signs of recovery and BVBank's business performance in 2024 is expected to improve. 

As a result, the bank will proceed with the plan to list on the stock exchange.

Currently, there are seven banks trading on the UPCoM, including VietABank, ABBank, Kienlongbank, Vietbank, PGBank, SaigonBank and BVBank.

In 2023, five banks, namely ABBank, VietBank, Kienlongbank, Nam A Bank and BVBank, announced plans to list their shares on either HoSE or HNX. Among them, only Nam A Bank successfully listed its shares on HoSE, Kienlongbank withdrew its application in January 2023, while VietBank, ABBank and BVBank have yet to complete their listing plans. — VNS