VietinBank gets approval to set up gold trading company

Vietnam Joint Stock Bank for Industry and Trade (CTG) got approval from the State Bank of Vietnam (SBV) on August 30 to establish Vietinbank gold trading arm in form of a single member limited liability company, said the central bank on its website.

Vietnam Joint Stock Bank for Industry and Trade (CTG) got approval from the State Bank of Vietnam (SBV) on August 30 to establish Vietinbank gold trading arm in form of a single member limited liability company, said the central bank on its website.

The company, to be located in 34 Cua Nam street, Hoan Kiem district, Hanoi, has initial charter capital of VND 300 billion (100% owned by the lender).

Earlier, the Hanoi-based listed bank was approved by the Government to sell a 10% stake to IFC, the lender said, adding that it will officially ink the deal on October 10 and plans to sell another 10% stake to the Canadian Bank of Nova Scotia later.

Vietinbank is expected to raise its charter capital to VND20 trillion this year if the lender successfully issues 392 million shares to raise its charter capital by VND3.92 trillion and sell 20% stakes to the two strategic foreign partners as planned.

In 2010, it targets a pretax profit of VND4 trillion, total assets up 46% from end of 2009 to VND350 trillion, and a cash dividend payout of VND2,000/ share. – Stoxplus.com

Tags: VietinBank gold trading, Vietnam banking industry, Vietnam finance, Vietnam financial