Many banks planning move to HoSE
Banks, including VietBank (VBB) and Việt Capital Bank (BVB), are expected to transfer from UpCOM exchange to the Ho Chi Minh City Stock Exchange (HoSE).
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| The Ho Chi Minh Stock Exchange's headquarters in HCM City. (Photo: courtesy of HoSE) |
The plans were approved at their recent General Meeting of Shareholders.
Nguyen Huu Hữu Trung, general director of Vietbank, said that the listing of VBB shares on the stock market can prove its transparency and strengthen its operational capabilities to achieve the strategic objectives from 2023 to 2025.
This year, Vietbank targets profit before tax of 960 billion VND (40.9 million USD), an increase of 46% year on year. Total assets are estimated to rise 12% to 125 trillion VND.
Vietbank also plans to raise capital by over 1 trillion VND by issuing shares at a rate of 21% to current shareholders. After the issuance, the bank's charter capital is expected to increase from 4.77 trillion VND to 5.78 trillion VND.
Meanwhile, Viet Capital Bank's shares will be listed on HoSE after two years of trading on UpCoM. This will enhance trading conditions for shareholders while also taking a significant step toward the future.
The bank aims to achieve a total assets of 86.6 trillion VND, up 10%, with capital mobilisation from residents and economic organisations, excluding credit institutions, up 16% to more than 69 trillion VND.
ABBank has also proposed to list shares on another trading floor to shareholders for approval.
ABBank expects profit before tax to rise significantly by 68% from 2022 to 2.8 trillion VND this year. Its total assets are forecast to advance 5% to 136.8 trillion VND. The bank hopes to mobilise from people and organisations a value of 93.5 trillion VND, a gain of 2%.
At the General Meeting of Shareholders last year, Nam A Bank requested shareholders to approve its listing plan; however, due to market circumstances, this plan was postponed to protect shareholders' interests.
Until now, there are 17 banks with shares listed on HoSE, two banks having shares listed on HNX, eight banks trading on UpCOM, and three banks trading on OTC. Securities expert Huy Nam said that the switch from UPCoM to HoSE will raise the transparency and governance standards of banks in the market.
(Source: VNA)
