Joint stock banks want right to sell shares to foreign investors without SBV permission

Friday, May 16, 2008
Viet Nam Association of Financial Investors (VAFI) recently proposed State Bank of Vietnam to allow commercial joint stock banks to take the initiative in selling shares to foreign investors with the price of no more than 5% of chartered capital without prior SBV permission.
Right after the share transaction finishes, joint stock banks must report to SBV.
According to Vafi, foreign investors used the whole allowable holding in listed banks. Meanwhile, the investors cannot buy unlisted bank shares due to complex procedures.