BIDV bank secures Vietnam listing license

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BIDV, Vietnam's largest partly private bank by assets, has secured a license to list shares on the Ho Chi Minh Stock Exchange, market regulators said on Wednesday.

The Hanoi-based bank, also known as the Bank for Investment and Development of Vietnam, will list all 2.3 billion shares on the exchange, representing its registered capital of VND23.01 trillion (US$1.1 billion), the exchange said in a statement.

BIDV's debut would be the biggest this year on the Ho Chi Minh City-based market. Last December BIDV raised nearly VND1.58 trillion in Vietnam's largest share sale of 2011.

The bank's market valuation was not immediately known. Liquidity has been thin since the 2011 share sale, and the exchange gave no specific dates or the starting price for BIDV's share debut.

The Ho Chi Minh Stock Exchange's VN-Index has risen more than 12 percent this year.

Last month Standard & Poor's Ratings Services affirmed BIDV's ratings at B plus with a stable outlook.

BIDV said its total assets reached VND444.63 trillion on June 30, up 9.6 percent since the end of 2011.

BIDV shares would join those of VietinBank, the second-largest partly private lender, and Vietcombank on the Ho Chi Minh City market.

In June, BIDV reported a 41 percent jump in first-quarter net profit to VND1.4 trillion.

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