Agribank to divest Orient Commercial Bank shares later this month.
M2 EQUITYBITES-November 13, 2018--Agribank to divest Orient Commercial Bank shares later this month
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Global Banking News - 13 November 2018
Agribank has said that it is planning to sell more than 468,000 Orient Commercial Bank (OCB) shares at auction on November 29, according to an online report.
At a starting price of VND18,130 (USD0.77) per share, the bank is expected to earn nearly VND8.5bn if the auction succeeds. OCB shares are traded on the over-the-counter (OTC) market at a price of VND15,000-17,000 a share, lower than Agribank's offered price.
Agribank's chairman, Trinh Ngoc Khanh, said that his bank will complete the corporate valuation process by the end of the year before launching an initial public offering (IPO) in 2020.
At the end of June, Agribank's total assets were 3.9 percent higher than at the beginning of the year, reaching VND1,197tn. The bank's total outstanding loans increased by 5.6 percent to VND925.21tn, while mobilised capital increased 2.5 percent to VND1,053tn, the report added.
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