Viet Capital Bank chooses to cap foreign ownership at 5 pct
Viet Capital Bank chooses to cap foreign ownership at 5 pct
Shareholders of Viet Capital Bank have approved capping foreign ownership of the lender at 5 percent though the law permits ownership of up to 30 percent.
Viet Capital Office Tower in HCMC. Photo courtesy of Viet Capital Bank.
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While the ownership rates are capped at various levels by industry – and at 30 percent for banks – companies are free to choose lower limits.
The bank said 30 percent is too high for it considering currently foreign ownership is virtually zero.
It added that making the cap low would give it room in future to tie up with foreign investors of its choice.
Its BVB shares, listed on the Unlisted Public Companies Market (UPCoM), closed at VND26,000 ($1.13) on Tuesday, up 5.26 percent for the day. It has gained 79 percent this year.
The lender reported pre-tax profit of VND151.8 billion in the first quarter, a year-on-year increase of 215 percent.
