Vietnam Southern Bank seeks MAS support for Singapore listing
One of Vietnam's top five joint stock banks with total assets worth US$611 million ($925 million) has enlisted the help of the Monetary Authority of Singapore (MAS) to seek a public listing here.
Said Vietnam's Southern Commercial Joint Stock Bank on its website last Friday: "Southern Bank wants to be one of the first Vietnamese banks to list its shares in the Singapore stock market. The bank wants the MAS to help it list its shares.".The announcement, which did not mention the likely timing of a listing, follows two initiatives last Monday to help Vietnamese companies list in Singapore.
The Singapore Exchange and the Hanoi Securities Trading Centre signed and agreement that will help Vietnamese companies list in Singapore, while the MAS, Vietnam's Ministry of Finance and its State Securities Commission launched a programme to help prepare Vietnamese companies for cross-border listings.
The Ho Chi Minh-based bank did not indicate the likely size of the listing, but Singapore-based United Overseas Bank (UOB) agreed in January to buy 10 per cent of Southern Bank for about $46 million, suggesting a total capitalisation of around $450 million.
The agreement allows UOB to increase that stake to 20 per cent, through a further payment of $44 million, if Vietnam's foreign ownership cap for joint-stock commercial banks is raised to 20 per cent.
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One of Vietnam's top five joint stock banks with total assets worth US$611 million ($925 million) has enlisted the help of the Monetary Authority of Singapore (MAS) to seek a public listing here.
Said Vietnam's Southern Commercial Joint Stock Bank on its website last Friday: "Southern Bank wants to be one of the first Vietnamese banks to list its shares in the Singapore stock market. The bank wants the MAS to help it list its shares.".The announcement, which did not mention the likely timing of a listing, follows two initiatives last Monday to help Vietnamese companies list in Singapore.
The Singapore Exchange and the Hanoi Securities Trading Centre signed and agreement that will help Vietnamese companies list in Singapore, while the MAS, Vietnam's Ministry of Finance and its State Securities Commission launched a programme to help prepare Vietnamese companies for cross-border listings.
The Ho Chi Minh-based bank did not indicate the likely size of the listing, but Singapore-based United Overseas Bank (UOB) agreed in January to buy 10 per cent of Southern Bank for about $46 million, suggesting a total capitalisation of around $450 million.
The agreement allows UOB to increase that stake to 20 per cent, through a further payment of $44 million, if Vietnam's foreign ownership cap for joint-stock commercial banks is raised to 20 per cent.
