No investors register for March 10 share auction, prompting cancellation.
The Hanoi Stock Exchange (HNX) has announced the cancellation of the auction of shares in the Maritime Commercial Joint Stock Bank (Maritime Bank) owned by the Vietnam Posts and Telecommunications Group (VNPT), scheduled for March 10.
The auction has been cancelled because no investors have registered to take part.
HNX had previously announced that VNPT would auction its 71.5 million Maritime Bank shares (stock code MSB) at a starting price of VND11,900 ($0.5) per share.
Maritime Bank was established on July 12, 1991 in Hai Phong. In 2005 it officially moved its head office to Hanoi, beginning a new phase of its development. It is now one of the five largest joint stock commercial banks in Vietnam, after merging with Mekong Development Bank on August 12, 2015.
Total assets stand at VND104.311 trillion ($4.57 billion) and charter capital VND11.75 trillion ($515.355 million). It has a network of nearly 300 branches and transaction offices and nearly 500 ATMs nationwide.
Based on three strengths: strong financial capacity, extensive branch network, and a friendly, cohesive team, its strategy is to continue to maximize its competitiveness by providing the best possible experience to clients, shareholders, suppliers, communities and staff in every aspect of its work.
With its vision and well-defined strategy, Maritime Bank has been focusing on implementing its Core Values in each activity. This is considered an important step on the roadmap to building a professional, friendly, transparent and high-performance corporate culture at the bank.