According to the approval document, the transaction is expected to be carried out through order matching and/or negotiation via the securities trading system of the Ho Chi Minh City Stock Exchange in 2024.

If the transaction is successful, GELEX will increase its expected ownership ratio to 10% of Eximbank's charter capital, becoming a major shareholder of this bank. This is also the maximum ratio that an institutional shareholder is allowed to own at a credit institution according to the provisions of the Law on Credit Institutions 2024.

Earlier, in early July, the State Bank also approved a plan to increase Eximbank's charter capital through the issuance of shares to pay dividends to shareholders. Specifically, Eximbank will issue 121.9 million new shares, equivalent to an increase in charter capital of nearly VND1,219 billion. After the issuance, the bank's charter capital will reach VND18,688 billion.

In the first 6 months of the year, Eximbank's pre-tax profit was VND1,475 billion. Although it has only completed 28% of the year's plan, the bank's profit picture has shown optimism as business profits have increased gradually each quarter.

Some of Eximbank's key business indicators also showed optimism, such as customer deposits increasing by 4.3% to VND163,051 billion at the end of the second quarter.

Meanwhile, customer loans increased by 8% compared to the end of last year with the amount of capital supplied to the market reaching VND151,328 billion.

Credit growth was quite good, but thanks to a sharp decrease in deposit interest rates compared to the same period last year, interest expenses paid to customers decreased by 37% to VND1,708 billion.

As of June 30, 2024, Eximbank's total assets reached VND 211,999 billion, an increase of 5.3% over the end of last year.

Regarding GELEX, according to the recently released semi-annual financial report, in the first 6 months of the year, GELEX recorded consolidated net revenue of VND 14,910 billion, up 3.5% over the same period; Consolidated pre-tax profit reached VND 1,770 billion, up 74.6% over the same period. In particular, GELEX's pre-tax profit grew strongly due to the contribution from financial profit from the completion of a number of transactions to divest renewable energy projects to partner Sembcorp.