Top lender VietinBank set to reduce stake in Saigonbank

Thanh Nien News

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VietinBank, one of Vietnam's biggest lenders, has announced a plan to reduce its stake in small bank Saigonbank from to 4.91 percent from 10.39 percent at the moment.
More than 16.87 million shares will be sold at a public auction to be organized by the end of next month, VietinBank said on its website on Thursday.
With a starting price of VND10,800 per share, the sale will raise at least VND182.1 billion (US$8.06 million).
The share sale is in line with the central bank's existing rules regarding cross ownership which limit local commercial banks' stakes in another lender to less than 5 percent, according to VietinBank.
One of Vietnam's smallest lenders by assets, Saigonbank posted VND54.73 billion ($2.42 million) in pre-tax profit last year, a more than four-fold drop from 2014.

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