IFC to sell 16 million Sacombank shares

Hanoi (VNA) - The International Financial Corporation (IFC) on Dec. 15 announced
it would sell off over 16 million shares in Sacombank - over half its holdings in
the HCM City-based commercial bank.

Based on the share prices on the HCM Stock Exchange on the day of 19,900 VND (up
4.74 percent against last Friday), the total value of the deal could exceed 320
billion VND (18.93 million USD).
The move comes after IFC's support of Sacombank's transition into becoming one of
Vietnam 's leading joint-stock banks, IFC said in a press release.
"The sell-off by IFC is in accordance with the capital withdrawal plan previously
projected by Sacombank and IFC. Sacombank and IFC are working together to transfer
the shares to a third partner," Sacombank general director Tran Xuan Huy told the
English-language daily Viet Nam News.
An exact time for the sale was not specified, but once completed, IFC would
continue to hold a stake of about 3.4 percent in Sacombank.
Current foreign strategic partner ANZ Bank, which holds a 10-percent stake in
Sacombank, would not comment to Viet Nam News as to whether ANZ would seek to
acquire a larger stake.-Enditem