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IFC to sell 9 mln shares in Vietnam's Sacombank

Mon Dec 24, 2007 4:22am EST

HANOI, Dec 24 (Reuters) - The World Bank's International Finance Corp, which now owns 7.63 percent in Vietnam's Sacombank STB.HM, will sell more than a quarter of its total shares in the bank, the stock exchange said on Monday.

Starting on Tuesday, IFC will sell 8,917,620 shares of Sacombank over a six-month period to reduce its holding to 25,007,141 shares, the Ho Chi Minh Stock Exchange .VNI said in a statement. It did not give a reason for the sale.

The Ho Chi Minh City-based Sacombank, fully known as Saigon Thuong Tin Bank, is the country's sixth-largest lender by assets. (Reporting by Ho Binh Minh)



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