Vietnam Int’l Bank Gets Ok to Hike Capital Base to VND4T
The State Bank of Vietnam, the country’s central bank, has approved Vietnam International Commercial JS Bank (VIB) to raise its registered capital to VND4 trillion ($210.53 million) from the current VND3 trillion.
The Hanoi-based unlisted lender must complete its capital increase within the next 12 months.
The SBV also approved VIB to sell a 15% stake to the Commonwealth Bank of Australia (CBA), the Aussie second largest lender, in 2010. Once the sale is completed, CBA will become the first foreign strategic investor of VIB.
VIB did not disclose a purchase price, adding that CBA will buy another 5% stake to raise its holding in VIB to 20% by end-2011.
VIB, which had total assets of VND56 trillion as of Dec 31 last year, had achieved a compound annual asset growth rate of more than 40% in the past five years while its branches have expanded to 117 from initial 30. (SBV)
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