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Vietnam's Southern Commercial Bank
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zhuge_liang
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08-Apr-2007 21:33
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Vietnam's Southern Commercial Bank which sold a 10 % stake to UOB earlier this year, said it wanted to list shares in Singapore.
"Southern Bank has expressed determination to become one of Vietnam's first banks to list on the Singapore market," the Ho Chi Minh City-based lender said in a statement on Friday after a meeting with the Monetary Authority of Singapore on Wednesday. The statement did not say when the bank planned its listing or how much money it would raise. The bank has not had a domestic listing but its shares are traded on the unregulated markets at 83,000-84,000 dong (US$5.20) this week, slightly down from 85,000 dong a month ago, suggesting that the bank was valued at around US$670 million. In Jan, UOB signed an agreement to buy a 10% of stake in the Vietnamese bank for around US$30 million and said the stake would be doubled to 20% pending Vietnamese government approval. Vietnam limits total foreign ownership in a domestic bank at 30%, with a 10% cap for an individual investor. The central bank has sought government approval to double the 10% ceiling. Southern Bank's total assets nearly doubled from 2005 to 9.2 trillion dong (US$571 million) at the end of last year. It has more than 50 branches nationwide. |
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