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Military Bank Stock-Trading Volume Surges to Record: Hanoi Mover

Aug. 14 (Bloomberg) -- Military Commercial Joint-Stock Bank’s shares climbed to a two-month high as trading volumes surged to a record on speculation the Hanoi-based lender is close to selling a stake to a partner.

The stock gained 2.8 percent to 14,700 dong today in Ho Chi Minh City Stock Exchange trading, the highest level since June 7. More than 22 million shares of Military Bank, as the lender is known, changed hands today, according to data compiled by Bloomberg. That’s the most since the stock debuted in November and compares with the three-month daily average of 1.36 million.

“There is a rumor that a strategic partner is going to buy a 15 percent stake of Military Bank,” said Attila Vajda, a Ho Chi Minh City-based broker at ACB Securities Co. “We are not sure if it is true.”

Military Bank has been in talks with a foreign partner, though there had been no result from the discussions yet, Deputy Chief Executive Officer Cao Thi Thuy Nga said in a mobile-phone text message in response to questions from Bloomberg. Any stake sale would be less than 15 percent, she said.

Shares of Military Bank have rallied 42 percent this year, outpacing a 22 percent increase in the benchmark VN Index.

To contact Bloomberg News staff for this story: Nguyen Kieu Giang in Hanoi at giang1@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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