BIDV preparing IPO for Q4

BIDV chairman Tran Bac Ha revealed that his bank is preparing for an initial public offering in the fourth quarter of this year.

The bank plans to sell 3-5% stake to external shareholders via IPO.

Under the bank’s equitisation plan, the state will hold 80% stake, 15% stake will be held by strategic investors and foreign financial investors, 1% held by the bank’s employees, 1% for the union and 3-5% for other shareholders through the IPO.

The IPO will be conducted simultaneously with the selection of foreign strategic investors in 2011. After getting the approval for privatization, Bidv will complete the appraisal reports and organize the selection of foreign strategic investors with the support of Morgan Stanley.

BIDV expects to complete the legal formalities to be formally converted into a commercial joint-stock bank in the first quarter of 2012.