JavaScript is off. Please enable to view full site.

World Bank’s IFC divests stake in Vietnam’s ABBank

World Bank’s IFC divests stake in Vietnam’s ABBank

Thursday, May 23, 2024, 15:29 GMT+7
World Bank’s IFC divests stake in Vietnam’s ABBank
The International Financial Corporation (IFC) off-loaded more than 84 million ABB shares of Vietnam’s An Binh Commercial Joint Stock Bank (ABBank) on May 22, 2024. Photo: Tuoi Tre

The International Financial Corporation (IFC), a private sector arm of the World Bank Group, on Wednesday off-loaded more than 84 million ABB shares of Vietnam’s An Binh Commercial Joint Stock Bank (ABBank), equivalent to an 8.2-percent stake in the bank.

The transaction is part of IFC’s divestment plan announced earlier this month, marking that IFC is no longer a major shareholder of ABBank.

Meanwhile, Maybank, Malaysia’s largest bank by assets, now becomes the major foreign shareholder of ABBank, holding a 16.4-percent stake in the latter.

Following IFC’s divestment from ABBank, IFC will reinvest its capital in many more Vietnamese businesses, including establishing partnership with banking and non-bank financial intermediaries to promote financial inclusion and climate finance.

As an ABBank strategic shareholder over the past 14 years, IFC has actively provided ABBank with financial support, medium and long-term loans, offered consulting services to and helped the Vietnamese commercial bank enhance its management capacity and pursue sustainable development goals.

IFC also shared its experience in the field during the implementation of ABBank projects to ensure the bank’s compliance with Basel III standards in risk management, ABBank said.

After IFC’s off-loading, ABBank will consider measures to further attract foreign capital to help fulfill its sustainable growth goals.

As for this year, ABBank is set to focus on conducting a major project to revise its business strategies in partnership with the global management consulting firm McKinsey.

ABBank, established in 1993, is trading its ABB shares on the Unlisted Public Company Market (UPCoM).

ABB closed in negative territory on Wednesday, down 6.59 percent against the previous session at VND8,500 (US$0.33), with more than 15.7 million shares changing hands.

Foreign investors net-sold over 84.8 million ABB shares.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Hong Ngan - Anh Hong / Tuoi Tre News

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Latest news