The Viet Nam Export Import Commercial Joint-Stock Bank (Eximbank) withdrew its capital representatives at Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), taking the first step to divest from Sacombank. This was announced on Sacombank's website on October 22.
"After withdrawing the representatives, we will put forward to the State Bank of Vietnam (SBV) a plan to sell our shares," a leader of Eximbank told online newspaper VnExpress.
Eximbank will co-operate with its partners to sell its stake when they receive SBV's approval.
The divestment is expected to be completed next year.
Eximbank's share at Sacombank fell from 9.8 per cent to 6.4 per cent after Sacombank merged with the Southern Bank, increasing the Sacombank charter capital to nearly VND19 trillion (US$850 million).
In the first half of this year, Eximbank reported a profit of VND570 billion ($25.51 million), 57 per cent of the target for the whole year, raising expectations of achieving this year's target. —VNS