Eximbank (EIB) State Shareholder HFIC to Sell Entire 0.45% Stake

Overview

HFIC, the Hồ Chí Minh City state-owned financial investment company, has registered to sell its entire holding of more than 8 million Eximbank shares, equal to 0.45% of the bank’s charter capital. The exit is small in percentage terms but notable because a long-standing state shareholder is citing leadership instability and the absence of dividends as reasons to leave. Eximbank trades on HOSE under the ticker EIB.

Key Facts

• HFIC plans to sell its full EIB position of more than 8 million shares, or 0.45% of Eximbank’s capital.
• The starting price is VND 17,393 per share, implying a total lot value of close to VND 150 billion.
• That floor price is roughly 8% above EIB’s market price on the exchange.
• EIB closed at VND 16,050 on 3 November, down more than 24.6% year-to-date, with market capitalisation of VND 29,869 billion.
• HFIC has held EIB since 2006 at an original cost of about VND 10,312 per share, and has received no dividends from Eximbank in the past two years.
• Vietcombank remains a separate state holder with about 4.51% of EIB; Gelex is the only major shareholder, at 10%.
• Eximbank reported nine-month pre-tax profit of VND 865 billion, down 58% year-on-year.

What Happened

According to information from HFIC, the company has registered to sell its entire block of more than 8 million EIB shares at a starting price of VND 17,393 each, valuing the lot at close to VND 150 billion. HFIC said the decision reflects frequent turnover in Eximbank’s senior leadership, which it argues makes the investment difficult to manage effectively, and the bank’s failure to pay dividends in the two most recent years. The sale would allow HFIC to recover capital and reallocate its investment portfolio.

HFIC disclosed that it began buying EIB in 2006 at a cost of roughly VND 10,312 per share. The source is HFIC’s own disclosure of the planned sale rather than a regulatory filing summary, and the article does not state the sale timetable or whether a buyer has been identified. Eximbank has changed chairmen five times in the past four years; the current chairman, Nguyễn Lê Quốc Anh, a former Techcombank chief executive, was appointed in July.

Market Context

EIB closed at VND 16,050 on 3 November, down more than 24.6% since the start of the year, against a market capitalisation of VND 29,869 billion. The proposed floor price of VND 17,393 sits about 8% above that close, meaning the sale would require buyers to pay a premium to the screen price. The stock sits in the banking sector, where earnings have diverged sharply: Eximbank’s nine-month pre-tax profit of VND 865 billion fell 58% year-on-year as net interest income contracted and provisioning rose. The article does not provide an index comparison for the same period.

Strategic Significance

The sale matters less for its size than for what it signals about governance. A state shareholder that has held the stock since 2006 is choosing to exit at a premium to market rather than wait for a turnaround, and it names boardroom churn and the dividend drought as the reasons. Eximbank’s ownership is unusually thin at the top: Gelex holds 10% and has said it will not take an operating role, Vietcombank holds about 4.51%, and HFIC’s departure would further fragment the register. For long-term holders, the question is whether the new chairman can stabilise management and restore capital returns; without a strategic anchor shareholder willing to govern, the bank’s discount to peers may persist.

What to Watch

• The actual sale result and clearing price versus the VND 17,393 floor, and whether the full 8 million shares are placed.
• Any further disclosure from Vietcombank on whether it intends to retain its 4.51% EIB stake.
• Eximbank’s fourth-quarter and full-year 2025 results, following the 58% nine-month profit decline.
• Any dividend or capital plan approved under chairman Nguyễn Lê Quốc Anh.
• Further changes to Eximbank’s board or senior management, given five chairman changes in four years.