Maritime Commercial Joint Stock Bank to list shares on HoSE hinh anh 1At the meeting (Source: VNA)

Hanoi (VNA) - The Vietnam Maritime Commercial Joint Stock Bank (MSB) is planning to list its shares on the Ho Chi Minh Stock Exchange (HoSE) in the third quarter of 2019.

The plan was unveiled at the bank’s annual general meeting of shareholders in Hanoi on April 23.

MSB General Director Huynh Buu Quang said the bank’s board of directors has been preparing all necessary procedures for the initial public offering (IPO) and the listing of shares.

Quang said the IPO will help the bank increase its capital, especially cash, and get more business opportunities.

The IPO is expected to increase the bank’s capitalization value to 1.1 billion USD after reselling all treasury stocks to selected investors, he added.

In 2019, the MSB plans to raise its chartered capital by 1 trillion VND (42.9 million USD) to 12.75 trillion VND (over 547.3 million USD) by issuing 100 million shares or maximum 8.5 percent of its current charter capital for domestic investors.

At the meeting, the shareholders also approved the bank’s financial targets. The MSB is set to increase its total assets by 11 percent to 153 trillion VND (6.56 billion USD). The bank’s pre-tax profits are expected to hit 1.86 trillion VND (79.8 million USD), up 77 percent.

By the end of 2018, the MSB's total assets reached nearly 138 trillion VND (5.92 billion USD), an increase of 23 percent compared to the end of 2017. Last year, its pre-tax profits stood at over 1.05 trillion VND (45 million USD), up 6.4 times as compared to 2017.

Besides business activities, 2018 was also a key year for the MSB in implementing risk management in line with strict standards of Basel 2. The bank has successfully piloted regulations of the State Bank of Vietnam on calculating capital safety ratio.

The settle of debt also brought in positive results. The bad debt rate has been always well controlled, standing at 2.21 percent, much lower than the regulated maximum level of 3 percent.-VNA