Disclosed 'Superpowerful' Bosses behind VPBank

By Han Tin - Aug 10, 2017 | 05:46 PM GMT+7

TheLEADERAll of VPBank's controlling shareholders used to be entrepreneurs in the former Soviet Union.

Disclosed 'Superpowerful' Bosses behind VPBank
Ngo Chi Dung (left) and Nguyen Duc Vinh (centre) received a certificate from Governor of the State Bank of Vietnam. (Photo: Internet)

The prospectus, which was published by Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) today, shows that Ngo Chi Dung, Chairman of the Board of Directors and other related persons hold the largest quantity of shares of VPBank before its official listing on the Ho Chi Minh City Stock Exchange (HOSE) expected on August 17th, 2017.

As of July 28th, 2017, Dung holds 70,257,322 shares, equivalent to 4.997% of VPBank's charter capital. His wife Hoang Anh Minh owns 67,918,279 shares, which account for 4.831% of the charter capital. Her mother Vu Thi Quyen holds 66,557,256 shares, equivalent to 4.734% of the charter capital.

According to the prospectus, Dung used to be an entrepreneur in the former Soviet Union from 1992 to 1996 before becoming a founding shareholder and a member of the Board of Directors of Vietnam International Bank (VIB) from 1996 to 2004.

From 2006 to 2010, Dung was the Vice Chairman of Vietnam Technological and Commercial Joint-stock Bank (Techcombank) before becoming the Chairman of VPBank in 2010. Dung was also the President of KBG Group in the Russian Federation from 2007 to 2009.

Another name who also comes from the former Soviet Union is Vice Chairman Bui Hai Quan. Quan was born in 1968, of the same age with Dung, but he ran his own business in Ukraine from 1993 to 1998.

Quan became the Vice Chairman of VPBank in 2008 and holds 35,781,376 shares, equivalent to 2,545% of VPBank’s charter capital. However, his wife Kim Ngoc Cam Ly owns 66,324,344 shares, which account for 4.718% of the charter capital.

Another Vice Chairman of the Board of Directors, Lo Bang Giang, also spent a long time on his business in Ukraine. Giang only owns 1,888,144 shares, which account for 0.194% of VPBank's charter capital, but his family members own a much larger number of shares.

More specifically, his mother Ly Thi Thu Ha owns 64,574,711 shares, equivalent to 4.593% of the charter capital, and his wife Nguyen Thu Thuy holds 46,543,586 shares, equivalent to 3.311% of the charter capital. His sister Lo Hai Yen Ngoc also owns more than 1 million shares.

Nguyen Duc Vinh, a Member of Board of Directors and General Director of VPBank does not hold any shares.

According to the prospectus, there are 2,376 individuals in Vietnam holding 48.87% of VPBank’s charter capital and 26 domestic organizations owning 23.48% of the charter capital. There is no foreign individual holding VPBank shares, but there are 78 foreign organizations owning more than 314 million shares, equivalent to 22.34% of the charter capital.

No shareholder holds more than 5% of VPBank’s shares.

After 23 adjustments, the current charter capital of VPBank is VND14,059 billion (roughly US$619 million).

VPBank is going to officially list more than 1.3 billion shares on HOSE on August 17th, 2017 at the reference price of VND39,000 (US$1.72) on the first trading day.