Vietinbank (CTG) plans to raise its charter capital by up to 65 percent to 20-25 trillion VND (1.22 billion USD) by the end of this year, Chairman Pham Huy Hung told the annual shareholder meeting in Hanoi on May 31.
Vietinbank, the second largest lender in Vietnam by charter capital, also eyes to increase its charter capital four-fold to 4 billion USD with total assets of 70 billion USD by 2015.
Vietinbank last year missed the target of raising its charter capital to 18-20 trillion VND (878-975 million USD) by the end of the year due to delayed foreign investor's capital contribution.
When the International Finance Corporation (IFC), a financial arm of the World Bank, finalised its 10 percent stake deal by the end of March this year, Vietinbank's charter capital increased to 18.17 trillion VND (886.48 million USD).
This year, the Hanoi-based bank targets to fetch 5.1 trillion VND (248.78 million USD) in pre-tax profit from 4.6 trillion VND (224.39 million USD) last year and control its bad debt ratio at under 3 percent.
In a report to shareholders, Vietinbank aims to pay a dividend of 16 percent, however, chairman Hung said that the bank would try hard to pay up to 20 percent this year.
Hung said that Vietinbank was in a negotiation process with Canadian bank Nova Scotia under the consultancy of JP Morgan and a 15 percent stake deal was expected to be struck this year.
The bank also plans to raise up to 1 billion USD in an overseas bond issue in the latter part of this year to finance projects and enhance capital for business. The bond will have a maturity of 5-10 years. The Hanoi-based bank is considering to offer the bond to Asian and European investor groups (excluding investors in the US ) or global investors. Vietinbank's share May 31 was up 2.7 percent to 26,900 VND each./.
Vietinbank, the second largest lender in Vietnam by charter capital, also eyes to increase its charter capital four-fold to 4 billion USD with total assets of 70 billion USD by 2015.
Vietinbank last year missed the target of raising its charter capital to 18-20 trillion VND (878-975 million USD) by the end of the year due to delayed foreign investor's capital contribution.
When the International Finance Corporation (IFC), a financial arm of the World Bank, finalised its 10 percent stake deal by the end of March this year, Vietinbank's charter capital increased to 18.17 trillion VND (886.48 million USD).
This year, the Hanoi-based bank targets to fetch 5.1 trillion VND (248.78 million USD) in pre-tax profit from 4.6 trillion VND (224.39 million USD) last year and control its bad debt ratio at under 3 percent.
In a report to shareholders, Vietinbank aims to pay a dividend of 16 percent, however, chairman Hung said that the bank would try hard to pay up to 20 percent this year.
Hung said that Vietinbank was in a negotiation process with Canadian bank Nova Scotia under the consultancy of JP Morgan and a 15 percent stake deal was expected to be struck this year.
The bank also plans to raise up to 1 billion USD in an overseas bond issue in the latter part of this year to finance projects and enhance capital for business. The bond will have a maturity of 5-10 years. The Hanoi-based bank is considering to offer the bond to Asian and European investor groups (excluding investors in the US ) or global investors. Vietinbank's share May 31 was up 2.7 percent to 26,900 VND each./.
