The Hanoitimes – The State Bank of Vietnam (SBV) expects to put an end to cross-ownership in the banking system by 2020. Vietnamese commercial banks are in a hurry to divest capital in other peers and meet the regulation of limiting cross holding set by the SBV. Illustrative photo. Divestment acclerated On November 12, state-run Vietnam Bank for Agriculture and Rural Development (Agribank) said it would auction 468,000 shares the bank is holding in Orient Commercial Bank (OCB). At the starting price of VND18,130 (US$0.78), Agribank is expected to book proceeds of at least VND8.5 billion (US$364,280). Additionally, Agribank is focusing on divesting capital from non-core businesses, which is part of the lender’s business strategy in the 2016 – 2020 period. Since 2014, Agribank has raised over VND1 trillion (US$42.86 million) by divesting capital from seven companies. At the annual general meeting in 2018, Nghiem Xuan Thanh, Vietcombank’s chairman, informed the bank’s intention of divesting capital in other banks where Vietcombank holds more than 5% stake, including Military Bank (MB) with 6.97% stake or 150.6 million shares and Vietnam Export Import Commercial Bank (Eximbank) 8.24% or 101.2 million shares. On September 21, Vietcombank announced its decision to offload 45.6… Read full this story
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