Gelex Group emerged as the largest shareholder of Vietnam Export Import Commercial Joint-Stock Bank (Eximbank) with over 85.5 million shares, equating to a little under 5 per cent of the bank’s charter capital. VIX Securities Company ranks second with more than 62 million shares, or almost 3.6 per cent.

Gelex, originally the General Electric Technical Company, was established in 1990 to consolidate electrical production, business, and research units under the Ministry of Industry and Trade. At the end of 2015, the Ministry divested its near 79 per cent stake in the group, marking a historic trading session on the Unlisted Public Company Market. Nguyen Van Tuan, CEO of Gelex, became one of the largest shareholders following this divestment.

Before this transaction, Tuan served as vice chairman of VIX Securities and chairman of IB Fund Management Company. Tuan left VIX in 2016 to lead Gelex. After his departure, his sister, Nguyen Thi Tuyet, took over as vice chair and CEO of VIX, later becoming chair of the Board in late 2022. Tuyet resigned in February 2023.

Another major shareholder in Eximbank is Thang Phuong Corporation, holding 53.3 million shares, equivalent to just over 3 per cent of the bank's capital. Le Thi Mai Loan and Luong Thi Cam Tu each own over 1 per cent of Eximbank’s shares.

Thang Phuong Corporation and Mai Loan were part of a shareholder group that nominated Bamboo Capital's vice chairman to Eximbank’s Board of Directors. This group included Thang Phuong Corporation, Mai Loan, Helios Investment and Services Company, and Nguyen Ho Nam, former chairman of Bamboo Capital Group.

At the end of April, following its AGM, Eximbank appointed Nguyen Canh Anh as chairman of the Board, with former Bamboo Capital Group's ex-chairman Nguyen Ho Nam as vice chairman.

Eximbank has experienced years of leadership instability due to shareholder disagreements. However, 2022 marked the first successful AGM and the establishment of a new board for the bank.

This year, Eximbank aims to increase its total assets to VND223.5 trillion ($8.94 billion) and boost capital mobilisation by 10.5 per cent to VND175 trillion ($7 billion). The bank projects a 14.6 per cent growth in credit debt to VND161 trillion ($6.44 billion) and aims to reduce its bad debt ratio to 1.8 per cent.

Eximbank’s 2023 profit stands at almost VND2.15 trillion ($85 million). After fund allocations, the bank has retained VND1.95 trillion ($77 million) in cumulative profit by the end of last year.

The bank plans to distribute a 10 per cent dividend to shareholders, comprising 7 per cent in shares and 3 per cent in cash.