return icon Vietnamnet.vn

Military Bank gets nod to increase charter capital to more than $1 billion

The State Bank of Viet Nam has approved Military Commercial Joint Stock Bank (MB)’s proposal to increase its charter capital to VND24.42 trillion (US$1.06 billion) from VND23.73 trillion.

 

{keywords}

The capital hike through private placement will help MB expand its operations over the next three years, including investing in digital banking services. — Photo MB

 

 

Under the approval, the central bank has asked MB to ensure that the capital increase is in accordance with the law, including regulations on stake ownership limits applied for shareholders and relevant persons, and private placement.

Within ten working days after completing the share issue to increase capital, MB must complete procedures for amending and supplementing its operation licence as regulated in the current laws.

The capital hike through private placement will help MB expand its operations over the next three years, including investing in digital banking services.

Earlier, MB said that it was seeking to sell a 7.5 per cent stake to one or more foreign investors, which was expected to help the bank meet new international capital requirements.

The Government currently owns 44 per cent of MB. Domestic and foreign financial institutions own 11 per cent, with the rest held by individual investors and entities such as mutual funds.

MB’s current two biggest shareholders are military-owned telecom giant Viettel, holding 11.69 per cent, and the State Capital Investment Corp (SCIC), holding 9.74 per cent.

Ending last year, MB’s profit surged by 29 per cent against 2018 and was 5 per cent higher than the bank’s plan, helping it for the first time being listed among few banks with pre-tax profit exceeding VND10 trillion.

Its total assets at the end of last year were worth nearly VND400 trillion, up 13 per cent against the previous year. — VNS

MORE NEWS

Co la, the food tray that demonstrates Muong ethnic culture in Hoa Binh

For Muong ethnic people, especially those living in Hoa Binh Province, cỗ lá (literally means a food tray displaying several dishes) is more than just a popular food.

Experts call for Hanoi to become a 'creative city'

Cultural industry development is a new issue, and Hanoi does not have much experience promoting its potential advantages.

Apple jumps to second highest seller of smartphones in Vietnam for first time

iPhone accounted for 20.5 percent of market share in Vietnam in October 2022, according to GfK.

Credit concerns affecting Vietnamese stocks should ease soon: VinaCapital

The demand for new housing units in Vietnam is still strong and prices are still affordable, and so the prices of real estate stocks are likely to recover if and when the Government takes action to ease credit conditions.

Fuel prices soar, EVN faces huge losses

Due to the global rise of coal, oil and gas prices, EVN’s electricity production costs and purchase costs have increased sharply. The group may incur losses of up to VND64.8 trillion in 2022.

Banks gain big profits from forex trading

Most banks reported strong profit growth from the foreign exchange business in the first three quarters of this year thanks to the sharp appreciation of the US dollar, Q3 2022 financial statements showed.

National Sports Games to take part in December

The 2022 National Sports Games (NSG) will be held in Quang Ninh Province from December 9-21.

Vietnam lures over $25 billion in foreign investment in 11 months

Despite a decline of 18 per cent in newly registered capital to $11.5 billion, foreign capital disbursement saw a positive increase of 15 per cent to reach $19.68 billion in the January - November period.

India - new market for VN tourism

According to the World Tourism Organization, Indians spent $22.9 billion traveling abroad in 2019 and the figure was estimated to reach $42 billion by 2024, $45 billion by 2025 and about $91 billion by 2030.

Without career guidance, students drop out in first, second academic years

Without appropriate career guidance when choosing a major in a university, many students have studied the wrong majors so and dropped out after the first year because they chose an unsuitable study program.

Three factors keep Vietnam’s economy humming along

Infrastructure investment, trade environment and competitive wages are three factors that keep Vietnam’s economy humming along and its growth numbers positive, according to an article published on the vietnam-briefing.com.

Hanoi Tourism Ao Dai Festival 2022 underway next week

The Hanoi Ao Dai Festival 2022 will take place around Hoan Kiem Lake pedestrian street from December 2-4.

Minister of Transport issues warning to managers of delayed projects

If transport projects do not proceed on schedule, managers need to prepare to resign, Transport Minister Nguyen Van Thang has said.

Vietnam promoting zero-emission economy

The Vietnamese Government is prioritizing climate change responses, green economy, sustainable development in its action programs. Therefore, businesses are advised to adapt to these concepts for their own growth.

VN businesses promote int’l fundraising amid domestic tightened policy

Many Vietnamese businesses have boosted foreign fundraising to cope with their capital shortage amid the country's tightened monetary policy.
back_to_top