Vietcombank plans new issue of 10 pct of stock for foreigners

Reuters

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Vietcombank plans new issue of 10 pct of stock for foreigners

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Vietcombank, Vietnam's top lender by market value, plans to sell new shares to foreign investors, equivalent to 10 percent of existing stock, to meet capital requirements and fund strategic activities, bank officials said.
The lender is working with Credit Suisse to study potential investors and expects a deal to come this year, bank board member Le Thi Hoa told Reuters.
Japan's Mizuho Bank, which owns 15 percent of Vietcombank, will buy more shares to at least maintain their current ownership ratio, and may increase their ownership up to 20 percent, Hoa said.
Vietnam law prevents one foreign investor from holding more than 20 percent of a bank.
Vietcombank will seek shareholder approval for the plan on April 15.

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