Habubank plans to list shares

HA NOI — Habubank will list shares on the stock exchange this year if market conditions prove favourable, deputy director Nguyen Du Huong told reporters in Ha Noi on Monday.

"We definitely will list. It's just a matter of time," Huong said. "We initially planned to list last year but the market didn't support our plan."

The bank, of which Deutsche Bank holds a 10-per-cent stake, said it expected its shares to debut at a price of VND40,000-50,000 (US$2.16-2.70).

However, Habubank shares were trading yesterday on the over-the-counter market at around VND12,000 ($0.65) each.

The bank did not release any information about whether the foreign strategic partner Deutsche Bank would increase its position. However, Huong confirmed that Deutsche Bank was co-operating effectively with Habubank, with a representative on the executive board and other support staff.

Habubank announced that it had beaten its 2009 profit target by over 26 per cent, with profits last year totalling VND504.8 billion ($27.28 million). Bad debts were under control at 2.24 per cent of total outstanding loans, compared to 2.84 per cent in 2008, with the bank targeting improved security and the maintenance of internationally standardised ratios.

Total assets of the Ha Noi-based bank increased by 23.84 per cent last year to VND29.trillion ($1.58 billion). Outstanding loans reached VND13.35 trillion ($721.2 million), up 27 per cent over 2008, while deposits grew by 27.59 per cent to VND25.5 trillion ($1.38 billion). — VNS