ABBank to Raise Charter Capital to VND3,002 Bln in 2008

An Binh Commercial Joint Stock Bank (ABBank) will increase its chartered capital to VND3,002 billion (US$187.5 million) in 2008 and its assets to VND22,693 billion, the 2007 annual shareholders meeting of the lender was told.

 

The Ho Chi Minh City-based bank targets to obtain deposits of VND11,000 billion and pre-tax profit of VND465 billion in 2008.

The shareholders meeting also approved the expansion of its network, with the opening of at least 20 branches and transaction offices to raise the number of transaction points to 73. It will continue developing card services and will issue 100,000 credit cards, mainly ATM cards. ABBANK will invest in card technologies to introduce Visa/Master cards, smart cards, YOUcard Billing and others.

 

The board of management also reports to the general shareholders meeting on the offering of 15 per cent of stake to Malaysia’s Maybank at a value of VND2,138 billion, which will become a strategic foreign shareholder of ABBank. Maybank is now the most powerful bank, insurance, asset management and fund management group in Malaysia.

L.A