ABBank Okayed to Double Registered Capital to US$156Mln

An Binh Commercial Joint Stock Bank (ABBank) has got green light from the central bank to boost its registered capital to VND2.5 trillion (US$156 million) from current VND1.13 trillion.

 

The equity increase will be conducted via offering shares to the bank’s shareholders.

 

The Ho Chi Minh City-based bank also plans to raise the capital to VND5 trillion (US$312 million) within 2007. 

 

ABBank targets to achieve strong average growth of 250-300 per cent in all areas, including deposit, loans and revenue. It will launch 20-30 transaction offices every year.

 

As the end of May, the bank’s savings deposits from individuals increased as much as 500 per cent from the beginning of 2007. Outstanding loans rose 190 per cent in the period, of which loans to individuals surged 280 per cent.

 

ABBank has recently introduced YOUshop, a loan service for small and medium-scale companies and individuals.

 

Set up in 1993, ABBank has now become among the ten largest banks in term of registered capital in Vietnam. It has a network of 31 branches and transactional offices in nice provinces of Vietnam, serving 5,000 institutional and 50,000 individual customers. (Securities Investment, Thanh Nien Online)