Vietcombank finally set for IPO - Published:06/12/07
All times are London time look for News in the FTcom siteSearchSearch Quotes in the FTcom siteQuotesCOMPANIES Financial servicesBreadcrumb follow navigation:FT house > Companies > By sector > Financial servicesServicesVietnam’s state-owned Vietcombank aims to lift about $600m this month from a long-delayed first public offering that is expected to kick off a new wave of large-scale privatisations in the Communist-ruled countryVietcombank is one of the big four state-owned profitable banks that make up about 65 per cent of Vietnam’s banking system and is the first to be partially privatised It will sell 975m shares, or a 65 per cent equity bet, at a minimum cost of 100,000 dong each, in effect valuing the bank at a smallest amount of $93bn, according to the Ho soul Minh City stock exchange“It’s tremendously significant for the market,” said John Shrimpton, director at Dragon assets, a boutique investment store “It is such a ‘jewel-in-the-crown’ state asset”Jonathon Waugh, manager at PXP Asset Management, said a successful share auction, “may be the catalyst for other large state-owned enterprises that have been waiting uncomplainingly in the wings to follow set of clothes in 2008”Vietcombank shares will be sold through “Dutch auction”, which is an open procedure of pricing and allotment Up to 30 per cent of the offering could go to foreignersfinance managers estimate foreign investors have about $2bn to plough into Vietnamese shares, eager for contact to one of Asia’s fastest-growing economies, now expanding at about 8 per cent a yearVietcombank has also been in talks with potential overseas strategic associates, said to include Japan’s Nomura and GE Money However, no deals have been announcedIn Vietnam, possible foreign strategic partners in such dealings are expected to pay the average share price at the auction, allowing retail sentiment to decide pricing However, that practice led to a debacle in May when potential foreign strategic partners for Bao Viet, a large nationalized cover company, balked at the high average auction price and walked absent from the dealMany retail investors then decided they had made very high bids and forfeited their deposits instead of paying finally, HSBC in September bought a 10 per cent stake in Bao Viet for $254mCopyright The Financial era Limited 2007Young Vietnamese lead move in credit attitudes - Nov-18Prudential eyes Vietnam growth - Oct-08SMFG eyes bank bet in Vietnam - Aug-08More from this sectorMaverick China Payment Profiles: Chinapay, as long as Online Payment Solutions for Chinese Banks Maverick porcelain Research12/3/2007$1000Maverick porcelain sum Profiles: 99Bill, Hot Out of the Gates, but Sustainable Maverick porcelain Research12/3/2007$1000BlogsBrussels BlogCharles PretzlikClive CrookDear LucyEconomists’ ForumEnergy FilterJohn GapperGideon RachmanTech BlogThe Undercover EconomistWestminster BlogWillem Buiter’s MavereconRegional pagesLatin American agendaChinaIndiaBrusselsInteractivePodcastsDebates & pollsAsk the expertMarkets Q&AJobs and classifiedsBusiness for saleContracts & tendersJobs Search Type your look for criteria below:* Minimum delay 15 minutesAll era are London timeFT HomeSite mapContact usHelpAdvertise with the FTMedia centreStudent offersFT ConferencesFT SyndicationCorporate subscriptionsFT GroupPartner sites: Chinese FTcomLes EchosFT DeutschlandExpansionInvestors ChronicleExec-Appointmentscom© Copyright The Financial era Ltd 2007 "FT" and "Financial era" are trademarks of The Financial era Ltd.
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Vietcombank Finally Set For Ipo >>
Extended credit card offer from HSBC - Published:08/12/06
praise CARDS LOW RATE praise CARDSSTUDENT praise CARDS0% APR praise CARDSCREDIT CARDS ONLINEBALANCE TRANSFERSHSBC is claiming that its revamped praise card could be a boost for consumers in the accumulate to Christmas The credit card offers nothing per cent interest for six months, while new clientele have until November 21st to be relevantAdditionally, HSBC's credit card offers zero per cent for equilibrium transfers until January 2008, although a two per cent handling charge applies, with a smallest amount of £5Spencer May, head of consumer cards at the bank, supposed: "At HSBC we continually look for ways in which we can assist borrowers improved manage their debt and we recognise that, for many, credit cards can be a convenient way of spreading the price of Christmas shopping "He added that the new credit card could help users to pay back their debt more quickly and put aside money in interest payments, due to the interest-free periodThe minimum payment for consumers by the HSBC credit card is three per cent, which the bank claims will also assist users to pay off the balance in less timeA recent review from Moneysupermarketcom found that British credit card users are spending billions in interest by not switching to a novel card when their zero per cent interest period endsCredit Cards | Business Credit Cards | Balance Transfers | near to the ground.
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Extended Credit Card Offer From Hsbc >>
