IFC no longer major shareholder of Vietinbank, offloading nearly 1.5% stake

Luu Van Dat Monday | 01/13/2020 23:52

A woman rides past a branch of VietinBank in Hanoi. Photo by Reuters/Kham.

The International Finance Corporation is no longer a major shareholder of Vietnamese lender Vietinbank after selling over 55.7 million CTG shares, almost 1.5% stake, according to exchange filing.

The transaction was completed on Wednesday, bringing the stake owned by International Finance Corporation in VietinBank down from nearly 6.49% to 4.99%, equivalent to 185.8 million shares.

The Ho Chi Minh City Stock Exchange filing revealed that the IFC, a member of the World Bank Group, sold over 18.9 million VietinBank shares, while the IFC Capitalization Equity Fund, a fund owned by the IFC, has sold over 36.8 million shares.

Currently, IFC holds 60.9 million shares of VietinBank, equivalent to nearly 1,64% of the capital while IFC Capitalization owns 124.9 million shares, or about 3,35% stake.

In November, IFC sold nearly 57.4 million shares of VietinBank, a 1.54 percent stake, bringing stake owned by IFC in the bank down from roughly 8.02 percent to 6.49 percent.

The member of the World Bank Group sold over 18 million VietinBank shares, while the IFC Capitalization Fund, a fund owned by the IFC, sold over 39 million share then.

In 2020, VietinBank targets credit growth of 8% - 10% and profit growth of 10% or more by increasing the proportion of income from SMEs and retail.