The State Bank of Vietnam (SBV) just issued document No. 7820/NHNN-TTGSNH to allow Vietnam International Bank (Upcom: VIB) to increase its charter capital.
The plan to increase the charter capital from VND5.64 trillion (US$240 million) to VND7.80 trillion (US$340 million), was approved by the owner through the resolution approved on September 11, 2018.
According to the document, Nguyen Dong Tien, the SBV’s deputy governor requires VIB to build and control credit growth, in accordance with the bank’s plan but not exceeding credit growth targets announced by SBV.
In addition, SBV requests the bank to increase its capital in line with the current provisions of the law. After increasing the capital, VIB has to submit the application for amendment of charter capital in the license to SBV.
This document is valid for 12 months from the signing date. If the increase of chartered capital has not been completed within the permitted time limit, this document shall be invalidated.
Founded in 1996, with its head office in Hanoi, VIB has become one of the leading commercial joint stock banks in Vietnam, with total assets of VND123.2 trillion ($5.2 billion), shareholder equity is nearly VND9 trillion ($385.6 million). It has more than 5,000 people working at 162 branches and transaction offices in 27 key cities and provinces around Vietnam, serving about 2 million customers.