National flag carrier Vietnam Airlines (VNA) will completely divest from Techcombank from September 26, the airliner has announced.
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VNA will seek to sell all of its Techcombank shares and bonds via auctioning, the company said.
Earlier in September 2012, Tran Thanh Hien, VNA chief of finance and accountant, stepped down as a member of the board of directors of the bank.
As one of the founding shareholders of Techcombank, VNA used to hold 20 percent of Techcombank’s charter capital, being the largest shareholder of the bank.
However, since late 2011, its stake in the bank has sharply reduced to only 2.7 percent, or about 24 million shares.
The airliner said the divestment is under its restructuring plan for the 2012-2015 period, as required by the Prime Minister. VNA has also divested from many other non-core businesses. This year, its divestment campaign will focus on the banking, securities, and insurance sector, the company said.
On August 13, Simon Morris, chief executive officer of the unlisted Vietnam Technological and Commercial Joint Stock Bank (Techcombank), resigned after almost 2 years of working at the Hanoi-based financial institution for what he said was "family reasons."
A member from the board of directors of the bank, Do Tuan Anh, was assigned to temporarily hold the post.
Simon Morris was appointed as the bank’s CEO in December 2011.
Source: Tuoitrenews
