KienlongBank withdraws application for HCMC bourse listing

KienlongBank has approved a resolution to withdraw its application for listing KLB shares on the Ho Chi Minh City Stock Exchange (HoSE), citing market movements are not favorable for listing and shareholders' interests.

The bank, registered on the market for unlisted public companies (UPCoM) as KLB, authorized general director Tran Ngoc Minh to negotiate and liquidate the KLB listing consulting contract signed with Viet First Securities Corporation.

On UPCoM, KLB shares were VND12,200 ($0.52) per unit at Friday's session, about 70% lower than the VND42,500 recorded in early 2022.

In December 2021, KienlongBank outlined a plan to list shares on the stock exchange, and once wanted to change its name to KSBank but was not approved by the State Bank of Vietnam as it did not ensure compliance with regulations.

In August 2022, HoSE announced it had received KienlongBank's application for listing 365.3 million shares. At the same time, the State Bank approved Kienlongbank to increase its charter capital from VND3,652 billion to VND4,231 billion ($180.49 million).

In the first nine months of the year, KienlongBank recorded net revenues of VND1,537 billion ($61.85 million) and after-tax profits of VND410 billion (16.5 million), up 1% and down 38%, respectively.

By September 30, 2022, the bank's total assets were VND80,625 billion ($3.25 billion), down more than VND3,000 billion compared to the end of 2021.

In 2022, KienLongBank has a new chairman, Tran Thi Thu Hang, who is former vice chairman of Sunshine Homes Development JSC. Do Anh Tuan is both chairman of Sunshine Group and deputy general director of KienlongBank.