Under the plan, Vietcombank will auction over 6.67 million OCB shares at the starting price of VND13,000 (US$0.57) apiece. The auction is expected to be held on April 17, according to HNX.
Vietcombank will auction over 6.67 million OCB shares at the starting price of VND13,000 (US$0.57) apiece.
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OCB previously capped the foreign ownership limit (FOL) at the bank to be at 23.66% of capital, but following the divestment from BNP Paribas on last December, the FOL has been now reduced to 4.98%, said OCB in a statement on December 27 2017.
Consequently, foreign investors will not be allowed to take part in the upcoming auction of OCB shares.
In 2017, OCB posted pre-tax profit of VND1 trillion (US$43.7 million), 2.1 times higher than that of 2016, according to the lender's financial statement. The results is thanks to strong growth in investment and lending, which saw a net return of VND2.4 trillion (US$104.8 million), up 44.6% year-on-year.
By the end of 2017, OCB's total asset reached VND84.3 trillion (US$3.7 billion), increasing 32% compared to the year beginning, while credit balance is recorded at VND48.1 trillion, up 25% over last year's period.
OCB's equity is estimated at VND6.1 trillion (US$266.5 million), 30% higher than in the year beginning.
In an unrelated move, Vietcombank has completed selling 7.6 million shares of Vietnam Airlines for an average price of VND50,000 (US$2.18) per share, resulting in a net profit of VND210 billion (US$9.1 million).
After completing the transaction, Vietcombank still holds 14.8 million Vietnam Airlines shares, equivalent to 1.21% charter capital.
Vietcombank's consolidated pre-tax profit in 2017 reached VND11 trillion (US$485 million), a sharp increase of 32.9% over the last year and 16% higher than the target, making it the most profitable bank in the Vietnamese banking sector, according to the bank's year-end meeting on January 12 to prepare its targets for 2018
At the end of 2017, the bank's total capital was estimated at VND890 trillion (US$39 million), up 38.7% year-on-year and achieving 118% of the 2017 target. Notably, the growth rate of capital mobilization in the wholesale and retail sector was 19.6% and 21.9%, respectively.
