The Orient Commercial Joint Stock Bank (OCB) is among the banks still traded on the Over-The-Counter (OTC) market, which is a decentralised and less transparent trading platform. (Source: vietnambiz.vn) Hanoi (VNS/VNA) - Lack of disclosed information, listing plans and risks of non-performing loans are dragging OTC-traded bank stocks down. Seven banks are trading shares on the Over-The-Counter (OTC) market, which is decentralised and less transparent as it is subject to fewer regulations and dealers can set the prices for buying and selling a security, currency and other financial products. That already makes shares of those banks riskier and less attractive to investors because they are not bound by any regulations regarding information disclosure. The seven banks include the Orient Commercial Joint Stock Bank (OCB), Maritime Commercial Joint Stock Bank (MSB), Dong A Bank, Bao Viet Commercial Joint Stock Bank (BaoVietBank) and Viet A Bank. Among those, only MSB and … [Read more...] about OTC-traded bank shares too cheap for purchases
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Large banks as well as smaller ones are seeking foreign investors in today's competitive market. BIDV has confirmed that it will issue 603 million shares to KEB Hana Bank, a deal which is expected to bring VND20.3 trillion. The bank from South Korea will acquire 15 percent of BIDV’s shares. LienVietPostBank, SHB, OCB, VPBank, TPBank and Techcombank have received hundreds of million dollars from foreign partners, including JPMorgan Chase Bank, IIB, IBEC, IFC and Deutsche Bank. Analysts say that Vietnam’s good economic performance has helped banks gain satisfactory business results. Besides, the open policy on attracting foreign investments, stable monetary policies and the strong rise of bank shares, which are leading the stock market, have prompted foreign investors to pour money into Vietnam’s banks. Thanh Lich Vietnam's OTC-traded bank shares too cheap for purchases Lack of disclosed information, listing plans and risks of non-performing loans are … [Read more...] about Foreign capital flows to Vietnamese banks
A Vietcombank office in northern Thái Nguyên Province. The bank's shares on Friday gained 2.3 per cent to touch a record high of VNĐ82,900 per share. - Photo baothainguyen.vn HÀ NỘI – Việt Nam’s benchmark VN-Index progressed to 1,000 points on Friday as financial, retail and technology shares were lifted by hopes for future earnings growth. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.72 per cent to close at 997.84 points. The VN-Index has increased by total 1.07 per cent in the last two trading days. The benchmark added total 0.75 per cent this week. Financial, technology and retail firms were the top gainers on Friday. The insurance, banking, securities and retail sector indices were up between 0.9 per cent and 1.3 per cent, data on vietstock.vn showed. The market sentiment improved significantly on Friday and it mostly benefited financial stocks, Thành Công Securities Co (TCSC) said in its … [Read more...] about VN stocks lifted by earnings hopes
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
Hanoi (VNS/VNA) - The banking sector is waiting for the State Bank of Vietnam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year. According to LegalDesk Website, KYC or Know Your Customer is a process an institution employs for customer identification. The Securities Exchange Control board of India (SEBI) laid down that any institute that deals with financial transactions or functions as financial intermediaries needs to verify their customer’s identity under the Prevention of Money Laundering Act, 2002. With banks and mutual funds instituting the KYC process for all its customers, it did help with preventing money fraud and identifying suspicious transaction activity of an account holder. KYC is a one-time process that is mandatory for all people of Indian nationality. eKYC is the process of an institution getting acquainted with their customer, though electronically. The main objective of … [Read more...] about Client ID holds key to making digital banking safe