Hot Vietnamese IPOsposted by MR WAVETHEORY at 2/07/2007 11:33:00 PM
Credit Suisse and Deutsche Bank have been picked to advise on two hot Vietnamese IPOs. The two banks are Vietcombank and Mekong Delta Housing Development Bank.
"Vietcombank picks Credit Suisse and the Mekong Delta Housing Development Bank picks Deutsche Bank as consultants," State Bank of Vietnam Deputy Governor Phung Khac Ke said on the sidelines of a World Bank event in Hanoi.
This is another sign that the Vietnamese economy is going capitalist.
The two banks are among four that the government has ordered to work toward listings on the communist-run country's stock exchange this year. The others are Incombank (Industrial and Commercial Bank) and Vietindebank (Bank for Investment and Development.)
Vietcombank, or the Bank for Foreign Trade, is Vietnam's second-largest bank. Last week, the bank reported that its profit almost doubled in 2006 while assets grew 24 percent to 169.46 trillion dong ($10.5 billion).
After-tax profit soared 91.5 percent from 2005 to 2.47 trillion dong ($153 million), the unlisted bank said in a statement issued through the Ho Chi Minh Securities Trading Centre.
Not bad for a developing country bank. How many first world banks do you see with numbers like that!?