VNPT to sell stake at Maritime Bank
Tuesday, February 28,2017AsemconnectVietnam - Vietnam Post and Telecommunications Group (VNPT) will put up for sale next month a 6.09% stake it owns at Maritime Bank with a starting price of VND11,900 per share on the Hanoi Stock Exchange.
Audited consolidated financial statements showed Maritime Bank’s accumulated after-tax profit had reached VND182.3 billion as of September 30 last year, up from VND116.3 billion in the previous year. The bank had sold bad debts worth some VND10 trillion to Vietnam Asset Management Company (VAMC) by December 31, 2015, becoming one of the largest sellers of bad debts to the company.
The debts Maritime Bank sold to VAMC increased by VND6 trillion in 2015, leading the bank’s receivables to slide from VND11.5 trillion to VND4.4 trillion. With loans put at VND30 trillion and interest and fees at VND3 trillion, the bank’s ratio of interest receivables to outstanding loans was up to 10%, higher than many other commercial banks.
Maritime Bank was established in 1991 in the northern city of Haiphong and relocated its head office to Hanoi in 2005. Currently, the bank has total assets of VND104 trillion and chartered capital of VND11.75 trillion, 6.09% of it held by VNPT, 6.52% by investment firm Phuc Tien and the rest by other shareholders.
State Capital Investment Corporation (SCIC) started preparations for an auction to divest its stake at Maritime Bank in 2016.
Source: thesaigontimes.vn
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