KEB Hana Bank of the Republic of Korea (RoK) has become a strategic shareholder of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), helping the latter to have the biggest charter capital among Vietnamese banks.
Leaders of BIDV and KEB Hana exchange the signed cooperation deal at the event on November 11 (Photo: VNA)
Hanoi (VNA) – KEB Hana Bank of theRepublic of Korea (RoK) has become a strategic shareholder of the Joint StockCommercial Bank for Investment and Development of Vietnam (BIDV), helping thelatter to have the biggest charter capital among Vietnamese banks.
BIDV, one of the largest State-run commercialbanks, held a ceremony on November 11 to announce its strategic shareholder andsign a cooperation deal with the RoK bank.
Earlier, BIDV had issued more than 603 millionshares, equivalent to 15 percent of its charter capital, under the form ofprivate placement to KEB Hana. With a price of 33,640 VND per share, it gainednearly 20.3 trillion VND (875 million USD) from the issuance.
After deducting issuance costs, BIDV collectednearly 20.21 trillion VND, raising its charter capital from nearly 34.19trillion VND to 40.22 trillion VND and becoming the Vietnamese bank with thebiggest charter capital at present.
The issuance reduced the State’s ownership atBIDV to 81 percent from 95.28 percent. It also made KEB Hana the largestforeign shareholder and the second biggest shareholder of BIDV, after theState.
The shares will be restricted from transfers forthe next five years.
Chairman of BIDV Board of Directors Phan Duc Tusaid since its foundation in April 1957, BIDV has established itself as thebiggest financial institution in Vietnam with the total asset value of 1.43quadrillion VND. In January 2019, its market capitalisation exceeded 168.92trillion VND, ranking sixth in the Vietnamese stock market.
The partnership with KEB Hana is among thebank’s efforts to diversify ownership to promote its financial capacity,governance and competitiveness, he noted./.
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Leaders of BIDV and KEB Hana exchange the signed cooperation deal at the event on November 11 (Photo: VNA) 
