Eximbank is going through too many changes and irregularities. Moving the headquarters away from where it grew up is even more confusing.
On October 21, Eximbank, stock code: EIB, listed 122 million shares issued in September 2024 on the stock exchange.
On the same day, EIB hit the ceiling price of VND20,800/share, the highest price in 2 years and was among the top 4 stocks with the strongest price increase of the day. EIB's liquidity also increased dramatically to more than 34 million shares, ranking first in trading volume on the entire floor.
Perhaps, this is positive information for investors and customers of Eximbank after many worries. But this cannot dispel doubts and insecurities about the control and manipulation of banks.
Because, Eximbank is having too many changes and abnormalities. And the most abnormal is the plan to organize the Extraordinary General Meeting of Shareholders (EGM) in Hanoi according to the Resolution of the Board of Directors on October 8. In which the meeting content was announced as changing the location of Eximbank's head office.
Changing meeting locations, even changing headquarters of a bank is not too strange, but with Eximbank it has attracted attention. The reason is that Eximbank has been established and developed for more than 30 years in Ho Chi Minh City, customers and main source of revenue also come from the Southern region. Branch distribution and the majority of staff also live and work in the South. Eximbank organizing EGM in Hanoi is… strange, moving headquarters away from the place where it grew up is even more confusing.
However, when looking at the structure of senior personnel and major shareholders of Eximbank, it is not difficult to understand why this plan to move headquarters is so easy to understand. Because the majority of major shareholders of this bank operate in the North. Thus, in the end, customers and investors have found a clue to Eximbank's intention to move headquarters: "Wherever shareholders and leaders are, the headquarters will be moved there". The question is, does this decision really serve the interests of customers and businesses or is it only intended to serve a certain group of shareholders?
The world has recognized the risks of a bank being controlled by one or a few individuals. According to international practice, many countries have limited the shareholding ratio of a shareholder to less than 5% to ensure public ownership and prevent manipulation. The Vietnamese banking industry has also made progress in this regard, with the promulgation of the Law on Credit Institutions in 2024 to prevent cross-ownership, manipulation of banking operations and protect the national financial system.
Eximbank's plan to move its headquarters to Hanoi is going against this trend. This is a step backward in terms of bank management, when important decisions such as changing headquarters are dominated by ownership factors.
Previously, many investors expressed concerns about Eximbank's credit activities, especially the large credit extension to VIX Securities Joint Stock Company, one of the bank's major shareholders. Specifically, this bank has provided credit to VIX up to VND1,700 billion and lent VND520 billion to individuals of this company, while VIX is Eximbank's third largest shareholder. This has made many people worry that Eximbank may be falling into a spiral of manipulation, similar to what happened at SCB.
"Don't tie your shoelaces when passing through a melon field, don't fix your hat under a plum tree." This saying seems to be very true in the current case of Eximbank. I think that with obvious precedents, with roles and backgrounds that fit the "evil formula" of bank manipulation cases - the big changes and scandalous loans of Eximbank need an explanation soon.
Source: https://nld.com.vn/eximbank-dang-cot-giay-giua-ruong-dua-196241023205313638.htm
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