Vietcombank offloads 6.67 million shares in OCB
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will auction off its 6.67 million shares of the Orient Commercial Bank (OCB).
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| Transactions at the Orient Commercial Bank (OCB)(Photo: tinnhanhchungkhoan) |
The stocks will be sold at a starting price of VND13,000 (US$0.57) per share, according to the Hanoi Stock Exchange.
The northern bourse said that OCB’s charter capital has reached VND5 trillion (US$220 million) with more than 110 units nationwide.
Last year, the bank earned VND816 billion (US$35.9 million) in after-tax profit, double the amount in 2016. Its total assets increased 32% to VND84.3 trillion (US$3.7 billion). Meanwhile, lending surged 25% to more than VND48.1 trillion (US$2.11 billion).
Offloading holdings at OCB is one of Vietcombank’s moves to comply with the central bank’s Circular 36, which only allows commercial banks to hold shares in a maximum of two other credit institutions, with the stake in each not exceeding five percent of the total equity of that institution.
Apart from OCB, Vietcombank currently holds shares in Eximbank and Military Bank.
