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“Eximbank Denies Receiving SBV’s Decision on Inspection of Lending Activities”

20 November, 2024

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On November 19, 2024, Vietnam Export Import Commercial Joint Stock Bank (Eximbank, HOSE: EIB) addressed misinformation and rumors regarding its operations.

In recent days, Eximbank has received numerous inquiries from shareholders and investors concerning a reported inspection by the State Bank of Vietnam (SBV) into the bank’s activities. These inquiries were sparked by an article published on November 15, 2024, in the *Nguoi Lao Dong* newspaper, with a misleading title and content that caused public confusion. The article implied that the SBV’s Inspection and Supervision Agency had just issued a special inspection decision regarding alleged “violations” in Eximbank’s lending activities.

**Eximbank Clarification:** Eximbank asserts that it has not received any decision from the SBV regarding a special inspection of its lending activities in the recent period.

The bank’s statement emphasized: *”Eximbank strictly adheres to the SBV’s legal regulations. The bank operates with stability, safety, and efficiency, meeting the diverse financial needs of customers and partners. Crucial financial indicators are at a safe and stable level, adequately meeting capital and liquidity requirements and demonstrating resilience to market risks.”*

Eximbank is committed to transparent information disclosure to ensure transparency with stakeholders. It strongly opposes the actions of individuals or organizations that exploit freedom of speech or the press to jeopardize the bank’s stable operations.

The bank advises shareholders and investors to comprehensively assess its operational status and broader context, relying on official information from its website (www.eximbank.com.vn) and exercising caution regarding unverified rumors that may impact investment decisions.

Previously, on November 15, 2024, GELEX Joint Stock Company (HOSE: GEX) also warned investors about false information and rumors involving GELEX and Eximbank. Social media accounts propagated defamatory and accusatory statements regarding GELEX’s activities and its CEO, Mr. Nguyen Van Tuan, in connection with GELEX’s 10% ownership stake in Eximbank.

The frequency of these posts increased following GELEX’s official acquisition of a 10% stake in Eximbank and Eximbank’s plans to relocate its head office to Hanoi. Currently, GELEX has not nominated any representative to the Eximbank Board of Directors or Executive Management. GELEX complies with the rights and obligations of a common shareholder as stipulated in the Law on Credit Institutions, Enterprise Law, and Eximbank’s charter.

GELEX asserts that the circulating social media posts contain baseless and defamatory rumors, severely impacting the interests of GELEX shareholders. Since GELEX’s announcement of its significant ownership in EIB on August 12, GEX’s share price has dropped from VND 21,500/share to VND 18,200/share as of November 14, a decline of 15.3%. Consequently, GELEX’s market capitalization has decreased by over VND 2,800 billion.

On November 12, Minister of Public Security Luong Tam Quang addressed the National Assembly, emphasizing the grave consequences of fake news and misinformation, which pose significant economic and social threats and even challenge national sovereignty and global security.

GELEX is collaborating with relevant authorities to identify the sources of these rumors and resolve related issues, safeguarding the legitimate rights and interests of the GELEX Group, its shareholders, and investors.

Returning to Eximbank, the bank has repeatedly faced rumors about its operational capabilities and plans to hold an extraordinary general meeting of shareholders on November 28 to propose relocating its head office to Hanoi, prompting clarifications.

Concurrently, a group of shareholders holding over 5% has proposed the dismissal of the Chief Inspector of Eximbank, citing *”abuse of position and power, serious violations of Eximbank’s charter and the regulations of the Eximbank Inspection Board, and significant negative impacts on shareholder interests.”*

Despite the rumors and clarifications, EIB’s share price has risen over 5% since the announcement of GEX as a major shareholder. As of 10:50 am on November 19, EIB was trading at VND 17,850/share, up 5% from the August 12 price. Average daily trading volume remains above 8 million shares.

EIB Share Price for the Last Six Months

Notably, EIB has been a favorite for over-the-counter transactions. From the beginning of November until now, nearly 73 million EIB shares have been traded by agreement, with a total value of VND 1,386 billion, equivalent to VND 19,082/share. Notably, on November 5, more than 11 million EIB shares were traded by agreement, and on November 11, more than 20 million EIB shares were traded.

EIB Share Trading from the Beginning of November