HDBank, formally known as Ho Chi Minh City Development Joint Stock Commercial Bank, plans to list its shares on the Ho Chi Minh Stock Exchange (HOSE) on January 5 at a reference price of VND33,000 (US$1.46) per share.
According to information from VinaCapital, Vietnam Opportunity Fund (VOF) has invested US$22 million in HDBank.
Andy Ho, Managing Director of VOF, said: “HDBank is one of the most innovative and fastest-growing retail banks in Vietnam today and we are excited to be a part of the bank’s initial public offering. The experienced management team has shown it can profitably grow the bank, and we look forward to working with them as they continue to implement their clear vision for expanding the bank further.”
HDBank also said that 76 foreign investors had bought 21 per cent of its stake at total price of US$300 million.
In addition to VOF of VinaCapital, familiar investors such as Dragon Capital, Deutsche Bank AG and JPMorgan Vietnam Opportunities Fund also bought HDBank shares.
There are other financial institutions taking part in transaction such as CAM Bank (Japan), RWC Frontier Markets Opportunity Master Fund (UK), Macquarie Bank (Australia) and Charlemagne (UK). Credit Saison (Japan), HDBank's partner in consumer finance, also participated in buying shares.
The price of HDBank shares in these transactions is VND32,000 (US$1.41) and each investor owns no more than three per cent in this share sale. After the issuance, HDBank's chartered capital is VND9,800 billion (US$431 million).
At present, HDBank has 4.5 million individual customers and approximately 25,000 small and medium sized business clients.
HDBank currently has 236 branches and offices nationwide and is targeting 400 locations nationwide serving 15 million customers by 2021.
"We are aiming at 70 per cent of Vietnam's population not using banking services and aiming to become the number one retail bank in Vietnam in the next five years," said Nguyen Thi Phuong Thao on the sideline of APEC (Asia-Pacific Economic Cooperation) 2017 in Danang.
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