9 January, 2018
Baker McKenzie advised Vietnam’s Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) on its initial public offering of shares (IPO). HDBank's USD 300 million IPO sets to be the second largest deal in the Vietnamese banking sector history since the Bank for Foreign Trade's (Vietcombank's) USD 463 million IPO in 2007.
On 27 December 2017, the Ho Chi Minh City Stock Exchange (HOSE) approved HDBank to list more than 980 million shares at a proposed price of VND33,000 (approximately USD 1.5) per share. Trading started on 5 January 2018.
Being one of the top 10 joint stock commercial banks in Vietnam with more than 27 years of local market experience and expanding to the world, HDBank has strong financial strength, advanced technology, a modern transaction model and professional customer service.
Our lead partner on the transaction, Nguyen HK Oanh from the Ho Chi Minh City office said, "The IPO marks a significant moment in HDBank’s history. With great supports received from the top management levels of the Bank, which offer a creative structure to address the investors’ concerns in terms of documents and timing, the successful IPO shows the long term and visionary view in the future development of the Bank."
Oanh was assisted by special counsel, Linh Chi Dang and associate Thu Huong Dao, both from the Hanoi office.
Before HDBank, Baker McKenzie also advised Vietnam Prosperity Joint-Stock Commercial Bank on its successful IPO with a deal value of USD 200 million in August 2017, which is the largest private bank market capitalization on the stock exchange in Vietnam.
