IFC investor group no longer VietinBank’s major shareholder
The International Finance Corporation (IFC) investor group is now no longer a major shareholder of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), after selling more than 55.7 million shares of the bank.
Hanoi (VNA) - TheInternational Finance Corporation (IFC) investor group is now no longer a majorshareholder of the Vietnam Joint Stock Commercial Bank for Industry and Trade(VietinBank), after selling more than 55.7 million shares of the bank.
According to a filing on the HoChi Minh Stock Exchange (HoSE), the IFC last week sold more than 18.9 millionshares while the IFC Capitalization Equity Fund offloaded 36.8 million sharesin VietinBank, reducing their ownership from 6.486 percent to 4.99 percent. TheIFC now owns 60.9 million VietinBank shares, or 1.63 percent stake, while the IFCCapitalization Equity Fund holds 124.9 million shares, or 3.35 percent stake.
In November last year, the IFCinvestor group also sold nearly 57.4 million shares of VietinBank, reducingtheir ownership from 8.027 percent to 6.486 percent.
Currently, the State Bank of Vietnamis the biggest shareholder in VietinBank with a 64.46 percent stake. Japan’sMUFG Bank is next with 19.73 percent ownership. The rest are held by othershareholders.
VietinBank, Vietnam'sthird largest bank by assets, reported an 83 percent increase in pre-taxprofits to almost 11.5 trillion VND (495 million USD) in 2019. The bank’sassets rose 6.5 percent to 1.24 quadrillion VND (53.29 billion USD). Itsbad debt ratio was under 1.2 percent, down from 1.59 percent in 2018.
The bank targets 6-8 percentgrowth in assets this year, 8-10 percent credit growth and an increase inpre-tax profits of 10 percent. It seeks to keep bad debts under 2 percent./.
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Transactions at VietinBank (Photo VietinBank) 
