Vietcombank returns to Eximbank

Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has just updated the list of shareholders owning 1% or more of charter capital provided by shareholders from July 1 to October 10, 2024.

Accordingly, Gelex Group Corporation is still the largest shareholder at Eximbank with a holding ratio of 10% of charter capital, equivalent to more than 174,695 million shares.

Notably, this list suddenly reappears with a name once familiar to Eximbank shareholders, which is the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

According to the published list, Vietcombank is currently the second largest shareholder at Eximbank with a holding ratio of 4.51%, equivalent to more than 78,793 million shares.

The remaining 3 shareholders on the list that must be announced include: VIX Securities JSC 3.58% (more than 62.345 million shares); two members of the Board of Directors, Ms. Luong Thi Cam Tu holding 1.12% (equivalent to more than 19.359 million shares) and Ms. Le Thi Mai Loan holding 1.03% (equivalent to more than 17.940 million shares).

Thus, compared to the most recent update on August 13, this update has added Vietcombank. And in the two recent updates, the shareholder list has two “big guys”: Gelex and Vietcombank.

Vietcombank is no stranger to Eximbank's long-time shareholders because this state-owned bank has been a major shareholder here for many years. In December 2018, Vietcombank reduced its ownership ratio at Eximbank from more than 8% to 4.84% as required by Circular 36 of the State Bank, then gradually divested all capital at Eximbank through transactions on the HOSE.

With the return to Eximbank, the deal did not disclose the time of purchase, but it is estimated that Vietcombank spent more than 1,000 billion VND to hold 4.51% of Eximbank's charter capital.

Regarding Eximbank, in the first 9 months of 2024, total assets increased by 11% compared to the beginning of the year, up 16.9% over the same period. Total mobilization increased by 9.1% compared to the beginning of the year; up 12.2% over the same period. Outstanding loans increased by 15.1% compared to the beginning of the year, up 18.9% over the same period.

Eximbank's pre-tax profit increased steadily over the quarters (in which pre-tax profit in the third quarter increased by 39% compared to the same period). The capital adequacy ratio (CAR) is at 12-14%, higher than the threshold of 8% as prescribed by the State Bank.

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