Banks sprint to listing deadline

Ten commercial banks will have to sprint to be able to meet the Government’s listing deadline on the Unlisted Public Company Market (UPCoM) by the end of this year.
banks sprint to listing deadline

According to the Government’s regulations, all 730 equitised companies yet to be listed on the UPCoM will have to list on the bourse by the end of this year. Ten banks - OCB, ABBank, Techcombank and NamABank, as well as MaritimeBank, VietABank, TPBank and Seabank, along with HDBank and LienVietPostBank, are among the firms named.

The 10 banks repeatedly made plans to list on the stock market in the past year, however, they were forced to postpone due to the unfavourable market conditions.

Till date, only VIB and Kienlongbank (KLB) have listed on UPCoM this year. VIB listed more than 564 million shares on the UPCoM on January 9 and plans to list on the HCM Stock Exchange next year.

The VIB share is being traded at some VND22,300, increasing from VND17,000 on the first trading day. Meanwhile, 300 million KLB shares were listed on the UPCom on June 29 at VND10,000 per unit.

The share is currently being traded at some VND10,300.

Previously, during the 2017 annual general meeting (AGM) season in April, shareholders of banks such as Techcombank, ABBank, OCB and LienVietPostBank approved the listing of banks’ shares on the UPCoM.

LienVietPostBank on July 17 announced the closing of the list of shareholders to follow procedures for listing 646.6 million bank shares on the UPCom.

Techcombank was also granted share code TCB to list on the bourse.

The bank’s share is being traded at VND37,000 on the OTC market.

ABBank, meanwhile, still has to wait for the State Securities Commission’s approval to be able to list on the UPCoM this month.

With only 3 percent of shareholders agreeing with the bank’s plan to list on UPCoM at its AGM in April, MaritimeBank has no plans to list on the market.

A similar trend was seen with HDBank. Explaining the move, HDBank leaders said not listing might not be to the bank’s disadvantage because the real value of HDBank will have to be assessed by the market at a time when the bank has confirmed its position, development strategy and prospects for the future. The listing will mean nothing if the bank’s share is listed and traded below the face value which is the case with some other listed banks. Currently, an HDBank share is being trading at 17,000 VND on the OTC market.

According to analysts, now is the perfect time for banks to list their shares as market conditions are favourable with bank share prices having bounced back following a long period of decline.

Source: VNA

Related News

Credit and access to credit: A problem for banks and businesses

Credit and access to credit: A problem for banks and businesses

VCN - Since the beginning of the year until now, the Prime Minister, the Government and the State Bank (SBV) have continuously issued instructions to promote credit, but the situation of banks having excess cash and businesses lacking capital is still a concern of the economy.
Limiting the "power" of major shareholders under the Law on Credit Institutions (amended)

Limiting the "power" of major shareholders under the Law on Credit Institutions (amended)

VCN - The Law on Credit Institutions (amended) has tightened the maximum ownership ratio and lending ratio to limit the influence of shareholder groups as well as minimize risks from credit concentration for banks.
Minister Ho Duc Phoc worked with Mizuho Bank

Minister Ho Duc Phoc worked with Mizuho Bank

VCN - On March 11, in Japan, the Ministry of Finance's working delegation led by Minister Ho Duc Phoc had a working session with Mizuho Bank. Mr. Masahiko Kato, President and General Director, and the board of directors welcomed and worked with the delegation.
Accumulating bad debt ratio put pressure on banks

Accumulating bad debt ratio put pressure on banks

VCN - According to the summary of 2023 business results of 28 listed banks, the total volume of bad debt by the end of 2023 has increased by more than 40% compared to 2022, to nearly 195,000 billion VND.

Latest News

Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially during the peak month of tax settlement.
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

VCN - To complete the task from now until the end of 2024 and successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - With advantages such as being cheaper than domestic capital, and accompanied by many factors such as technology, skills, management, market... foreign capital is a popular trend among businesses. Domestic enterprises seek through M&A activities to ensure sustainable development for the future.

More News

Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

VCN - Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

VCN - The Ministry of Finance aims to continue to strongly improve the business environment, create a healthy competitive environment, rapidly increase the number of newly established businesses, and reduce the rate of businesses temporarily suspending operations; reduce input costs and legal compliance costs in investment and business activities, reduce policy risks, strengthen trust, create a fulcrum for recovery and improve business resilience.
Vietnam tackles obstacles to stock market upgrade

Vietnam tackles obstacles to stock market upgrade

Vietnam's ambition to elevate its stock market from "frontier" to "emerging" status by 2025 faces two key hurdles, including pre-trade margin requirements for foreign investors and foreign ownership ratios in certain sectors, said Deputy Director of the Securities Market Development Department under the State Securities Commission (SSC) Pham Thi Thuy Linh.
Looking forward clear instructions in tax finalization in 2023

Looking forward clear instructions in tax finalization in 2023

VCN - Mr. Hoang Quang Phong (photo), Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) discussed supporting taxpayers in tax finalization in 2023.
Proactive in dealing with exchange rate pressure

Proactive in dealing with exchange rate pressure

VCN - Recently, the State of Bank (SBV) withdrew VND 30,000 billion through the T-bills channel, contributing to reducing exchange rate pressure. This is just one of the moves of the monetary policy management agency to stabilize the foreign exchange market, contributing to supporting the macro economy as well as import-export business activities of enterprises.
Tax sector accompanies and supports tax finalization

Tax sector accompanies and supports tax finalization

VCN - In the first months of 2024, the Tax sector has deployed peak months to support tax finalization in many different forms, thereby solving many problems in settlement of corporate income tax and personal income tax for taxpayers.
Minister of Finance: Fairness and transparency for the insurance market

Minister of Finance: Fairness and transparency for the insurance market

VCN - According to Minister of Finance Ho Duc Phoc, the Ministry has strengthened inspections to correct violations in the insurance sector, demonstrating fairness and transparency in the market.
Vietnamese securities companies race to boost capital amid high market demand

Vietnamese securities companies race to boost capital amid high market demand

These companies understand the importance of boosting their capital to remain competitive and avoid falling behind their peers.
Central bank required to take urgent measures to stabilise gold market

Central bank required to take urgent measures to stabilise gold market

The Government has directed the State Bank of Vietnam (SBV) to urgently inspect and supervise to stabilise the gold market.
Read More

Your care

Latest Most read
Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially dur
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

To successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - Sharing at the conference "Consumer goods and distribution industry: M&A trends and investment strategies to raise capital for Vietnamese enterprises", organized by the Business Association of High Quality Vietnamese Goods and the Leading Business C
Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
Mobile Version