Vietinbank gets sbv’s approval to increase charter capital to vnd20.2tln

The Governor of the State Bank of Vietnam (SBV) on Nov 18 issued Official Document No. 8956/NHNN-TTGSNH, approving Vietnam JS Bank for Industry and Trade (VietinBank)’s plan to raise charter capital to VND20.23 trillion ($1 billion).

VietinBank was granted permission to increase its chartered capital from current VND16.858 trillion to VND20.230 trillion through issuing 337,162,027 new shares to its existing shareholders at 1-for-5 ratio as approved by its General Shareholders Meeting on May 31, 2011.

During the implementation of its capital-raising plan, VietinBank must be responsible for: 1) raising chartered capital, registering with authorized government agencies and publicizing information in line with current regulations; 2) ensuring prudent ratios in operations of credit institutions; 3) utilizing added capital safely and efficiently; 4) prioritizing funds for agriculture production, rural development, export activity, processing industries and SMEs, among others.

The approval will be valid for 12 months from the date of issue.

Source Sophie/ StoxPlus

Tags: Vietinbank, Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Nov 21 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry