Vietinbank to Raise Registered Capital to VND18.7T in 2010
Vietnam Commercial JS Bank for Industry and Trade, or Vietinbank (CTG) plans to scale up its registered capital to VND18.73 trillion from the current VND11.25 trillion this year by offering new shares to shareholders and foreign partners.
In the first phase, the bank will issue 76.9 million shares to pay dividend at 6.83-for-100 ratio from July 3 through December 31, and sell an additional 315.1 million shares to shareholders at VND10,000 each in May.
In the second phase, the International Finance Corporation will buy a 10% stake and invest in secondary liability of Vietinbank in the third and fourth quarters.
In the third phase, Vietinbank will sell between 10% and 15% stake to another foreign strategic partner, the Canadian Bank of Nova Scotia, at negotiable price in the fourth quarter.
The listed lender will hold shareholders’ meeting April 4 to approve plans for 2010, with a pretax profit of VND4 trillion and total assets of VND292.5 trillion. It plans to open two branches in Germany’s Berlin and Frankfurt.
In 2009, it had total deposits of VND220.59 trillion and outstanding loans of VND163.17 trillion, making a pretax profit of VND3.37 trillion, up 38.4% on year. (Stox.vn)
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