Tycoon Exits LienVietPost Bank as Banking Revamp Continues

Tuan Minh

15:41 27/06/2017

BizLIVE -
The divestment is seen as one of the required steps for the real estate tycoon to join the board of Sacombank.

Tycoon Exits LienVietPost Bank as Banking Revamp Continues

Duong Cong Minh, chairman of Him Lam Corp. Photo: Internet

Him Lam Corp, the founding partner and the largest shareholder of LienVietPostBank, has divested its entire stake in the Hanoi-based lender as the government is ramping up efforts to reshuffle the banking industry.
Him Lam Corp, 99% owned by real estate tycoon Duong Cong Minh, unloaded all 96.77 million shares or 14.98% stake of LienVietPostBank, which stands for Lien Viet Post JS Bank, as of June 23, the bank said in an announcement.  
Minh, who stepped down as chairman of the bank earlier this month, may have pocketed 1.2 trillion dong ($52.86 million) from the divestment.
The bank did not specify the buyers of the shares.
A number of high-ranking executives of LienVietPostBank have recently registered to buy a combined 46 million shares of the bank.
Minh, whose real estate projects spread across the country, especially in Hanoi and Ho Chi Minh City, is among the three the candidates to sit on the management board of Sacombank, one of the banks subject to compulsory restructuring this year.
The divestment is seen as one of the required steps for Minh to join the board of Sacombank.
Sacombank will hold an annual general meeting on June 30 after several delays to decide on the next steps of its restructuring roadmap.
At the end of May, LienVietPostBank had nearly 148 trillion dong ($6.52 billion) in assets. It earned a pretax profit of 730 billion dong in the first five months of this year.

TUAN MINH