Do Quang Hien, chairman of Saigon Hanoi Commercial Joint Stock Bank (SHB), said at the banks’ annual general meeting Thursday that they have selected two or three big foreign companies to negotiate the stake sale of SHB Finance that is expected to be completed this year.

The bank is also considering selling stakes in its branches in Laos and Cambodia to foreign investors, which last year posted pre-tax profits of VND85 billion ($3.68 million) and VND164 billion respectively.

SHB has also received interest from some foreign financial organizations, banks and investments to become strategic investors, he said.

The bank has set a 20 percent cap for foreign investors on the stock market, and plans to offer another 10 percent to a foreign strategic partner. Vietnam caps foreign ownership in local banks at 30 percent.

The lender also plans to issue 540 million shares to existing shareholders in the third quarter, with each allowed to buy 28 new shares for every 100 shares owned.

The offering price is VND12,500, half of SHB price on the Hanoi Stock Exchange.

Chairman Hien said the share issuance to existing shareholders is the most viable option as it is unclear if negotiations with foreign strategic partners will conclude successfully this year.

The bank has targeted an 88 percent increase in pre-tax profits to VND6 trillion this year, should the share issuance happen the third quarter as planned.