Vietcombank Makes a Comeback as Eximbank’s Second-Largest Shareholder After Five-Year Hiatus

Vietcombank has unexpectedly emerged as Eximbank’s second-largest shareholder, following Gelex, as of the latest shareholder updates on October 10, 2024.

Recently, the Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) provided an update on shareholders owning 1% or more of the bank based on reports from July 1 to October 10, 2024.

Gelex Group Joint Stock Company continues to be the primary shareholder at Eximbank, holding a 10% stake, which translates to over 174.695 million shares.

Vietcombank, also known as the Joint Stock Commercial Bank for Foreign Trade of Vietnam, has made a notable return to Eximbank’s shareholder roster.

According to the updated list, Vietcombank now holds a 4.51% stake in Eximbank, equivalent to more than 78.793 million shares, making it the second-largest shareholder.

Other notable shareholders requiring disclosure include VIX Securities Joint Stock Company with 3.58% ownership (over 62.345 million shares) and two board members: Luong Thi Cam Tu at 1.12% (over 19.359 million shares) and Le Thi Mai Loan at 1.03% (over 17.940 million shares).

This update reveals Vietcombank’s noteworthy return, while Gelex and Vietcombank have emerged as significant players among Eximbank’s shareholders since the last update on August 13.

Vietcombank has been part of Eximbank’s shareholder history for years. In December 2018, the bank decreased its stake from over 8% to 4.84% to comply with Circular 36 from the State Bank of Vietnam and eventually exited Eximbank through transactions on the HOSE (Ho Chi Minh Stock Exchange).

Although it’s unclear when exactly Vietcombank re-established its stake, it is estimated that the bank invested over VND 1,000 billion to obtain its 4.51% interest in Eximbank.

In the first nine months of 2024, Eximbank has seen impressive growth across its financial metrics. Total assets grew by 11% since the beginning of the year, and 16.9% year-on-year. Total deposits showed a 9.1% increase since the start of the year, up 12.2% year-on-year, while loan balances rose by 15.1% year-to-date and 18.9% year-over-year.

Pre-tax profits have demonstrated significant growth each quarter, with a 39% increase year-on-year in Q3. The bank’s capital adequacy ratio (CAR) remains strong at 12-14%, surpassing the State Bank of Vietnam’s minimum requirement of 8%.