KEB Hana named strategic shareholder of BIDVWednesday, November 13,2019
AsemconnectVietnam - KEB Hana Bank of the Republic of Korea (RoK) has become a strategic shareholder of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), helping the latter to have the biggest charter capital among Vietnamese banks. BIDV, one of the largest State-run commercial banks, held a ceremony on November 11 to announce its strategic shareholder and sign a cooperation deal with the RoK bank.
After deducting issuance costs, BIDV collected nearly 20.21 trillion VND, raising its charter capital from nearly 34.19 trillion VND to 40.22 trillion VND and becoming the Vietnamese bank with the biggest charter capital at present.
The issuance reduced the State’s ownership at BIDV to 81 percent from 95.28 percent. It also made KEB Hana the largest foreign shareholder and the second biggest shareholder of BIDV, after the State.
The shares will be restricted from transfers for the next five years.
Chairman of BIDV Board of Directors Phan Duc Tu said since its foundation in April 1957, BIDV has established itself as the biggest financial institution in Vietnam with the total asset value of 1.43 quadrillion VND. In January 2019, its market capitalisation exceeded 168.92 trillion VND, ranking sixth in the Vietnamese stock market.
The partnership with KEB Hana is among the bank’s efforts to diversify ownership to promote its financial capacity, governance and competitiveness, he noted.
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