Vietnam industrial major Gelex now largest shareholder in Eximbank

Vietnamese industrial major Gelex Group is currently the largest shareholder of private lender Eximbank, holding 85.5 million shares, or 4.9% of the bank's charter capital.

It is followed by VIX Securities JSC, with 62.3 million shares or 3.58%; and Thang Phuong JSC with 53.4 million shares or 3%. The remaining shareholders owning over 1% are Le Thi Mai Loan and Luong Thi Cam Tu.

Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, became somewhat notorious in the financial market in 2020-2021 after failing to hold an AGM on several occasions due to disputes between groups of shareholders.

It wasn't until 2022 that Eximbank successfully organized its 2021 AGM after 11 unsuccessful attempts. Also in the same year, a series of long-standing shareholders such as VinaCapital, Thanh Cong Group and Au Lac Group announced they were divesting from the bank.

Sumitomo Mitsui Banking Corporation (SMBC), a Japanese partner, also announced the termination of its strategic alliance and completion of capital withdrawal in 2023.

Meanwhile, at Thang Phuong JSC, Mai Loan was part of a group of shareholders who nominated a board member of Bamboo Capital for Eximbank’s board of directors. She was a key official at Bamboo Capital and related units. She also served as a board member of Eximbank for the 2020-2025 term and had just been relieved after the 2024 AGM.

Eximbank's current leadership includes chairman Nguyen Canh Anh, vice chairpersons Tran Tan Loc, Luong Thi Cam Tu and Nguyen Ho Nam (elected at the 2024 AGM), and Do Ha Phuong; board member Pham Quang Dung; and independent member Tran Anh Thang. On the executive board, Nguyen Hoang Hai is acting general director.

As of the end of Q1/2024, the bank had total assets of VND203.58 trillion ($8.03 billion) and charter capital of VND17.47 trillion ($688.9 million).

In early July, the bank was approved by the State Bank of Vietnam to increase its capital by VND1.22 trillion ($48.1 million) via issuing shares to pay dividends at a rate of 7%. Eximbank will pay cash dividends at a rate of 3% for 2023.

This is the third time Eximbank has paid dividends in shares and the first time in cash since 2014.

Eximbank has recorded impressive business results in recent years, with a net profit increase of more than 3 times to VND2.95 trillion ($116.32 million) in 2022 and VND2.17 trillion ($85.57 million) in 2023.

In the first quarter of this year, the bank reported a net profit of VND527 billion ($20.78 million), down 24% over the same period last year.

On the stock market, EIB closed Wednesday at VND18,300 ($0.72) per share, up nearly 2% from the previous session.