Banks weigh up options through exchange shake-up. Photo: cafef.vn The Hanoi Stock Exchange (HNX) recently approved for around 308 million of shares of Saigon Bank for Industry and Trade (Saigonbank) to be traded on the Unlisted Public Company Market (UPCoM). The bank’s ticker will be SGB, and the total shares will be equivalent to VND3.08 trillion ($134 million). Its latest agreement with consultancy McKinsey&Company is envisaged to help the bank diversify its funding sources from overseas expertise. Saigonbank is the second domestic lender to be permitted to trade on the UPCoM this year, after 317.1 million of shares from Viet Capital Bank caught investors’ attention last month. In the same boat, LienVietPostBank also showed intentions of switching from the UPCoM to the Ho Chi Minh City Stock Exchange (HSX) and raising its foreign ownership limit from 5 to 9.99 per cent to tap into overseas cash. Privately-held lender ACB, which is currently listed on the Hanoi bourse, signalled its ambition of listing on the HSX in November or December. The lender is looking to complete 30 per cent of stock dividends next month before moving to the main board. The shift should allow ACB to be included in several indices,… Read full this story
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