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Banking & Finance

Techcombank to list on HSX on June 4

Released at: 09:31, 25/05/2018

Techcombank to list on HSX on June 4

Photo: Techcombank

Starting price of $5.60 to see capitalization reach $6.5 billion.

by My Van

Techcombank has announced its shares will be listed on the Ho Chi Minh Stock Exchange (HSX) on June 4 (Stock code: TCB), with a starting price of VND128,000 ($5.60); the highest for a commercial bank in recent times.

At this price Techcombank’s capitalization will stand at VND149 trillion ($6.5 billion) - the second highest for a listed bank after Vietcombank and one and a half times the figure for BIDV and Vietinbank.

Mr. Nguyen Xuan Minh, Director of the Investment Banking Division and Chairman of Techcombank Securities, said that Techcombank leads in the retail segment, where it holds a market share of about 35 per cent and possesses special advantages with high-income customers.

Demand for services among Techcombank customers is quite diverse, especially insurance and apartment purchases. The bank currently holds a 31 per cent market share in apartment loans; the highest in the country. More than 50 per cent of its customers use e-banking services.

It is confident of its advantages with enterprise customers. In terms of technology, the bank has decided to invest $300 million over the next five years to have the largest investment bank division in Southeast Asia and create the best possible foundation for further development and secure the largest number of customers through online transactions.

With the share sale, Techcombank raises its equity to VND41 trillion ($1.8 billion), equal to the figure in State-owned banks, while charter capital will be just over VND11.5 trillion ($504.8 million). It is expected that charter capital will increase three-fold to VND35 trillion ($1.5 billion) from available capital and this issue will addressed at the next extraordinary shareholders’ meeting.

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