We attended VPB’s AGM on April 29. The meeting’s main agenda was to (1) propose a plan to transfer 49% and 1% of FE Credit’s (FEC) stake to Sumitomo Mitsui Financial Group (SMFG) and VCSC, respectively, and (2) propose an ESOP issuance plan of 15 million shares — 0.6% of outstanding shares. The implied valuation of 100% of FEC is USD2.8bn.
- 2021 guidance includes credit growth of 16.6% YoY (the final growth figure is subject to the State Bank of Vietnam’s (SBV) decision regarding the