The State Securities Commission (SSC) has approved the National Citizen Bank’s (NCB) plan to sell more than 199.44 million shares to the public to mobilize nearly VND2 trillion (US$86.2 million) over a period of 90 days.

Particularly, the bank will offer 184.6 million shares to its shareholders and 14.88 million shares to its staff at a reserve price of VND10,000 per share. Everest Securities Joint Stock Company is the consultant for the share sale.

The proceeds from the share sale will be used to do the branding, invest in its equipment and technologies, increase capital for NCB Debt Management and Asset Exploiting Co., Ltd, and supplement its own capital for medium- and long-term loans.

The bank’s existing shareholders should register to buy shares and make payments from March 28 to April 17, or following notices from the Vietnam Securities Depository after the bank closes the list of shareholders registering to buy shares.

The period for NCB’s staff is between March 28 and May 3.

Shareholders, who have made deposits at depositories, can transfer the rights to purchase, register to purchase and make payments for shares at the depositories where they have accounts.

Those who have yet to make deposits at depositories and NCB’s staff can do these jobs at NCB’s headquarters at 28C-D Ba Trieu Street, Hang Bai Ward, Hoan Kiem District, Hanoi City.

Late last year, the State Bank of Vietnam (SBV) allowed NCB to increase its charter capital from more than VND3 trillion to over VND5 trillion.

A representative of the bank said that SBV's approval of NCB's plan to raise its charter capital can be considered a "clean bill of health" that the central bank awards to NCB. It proves that the bank meets infrastructure, human resource, risk management and network requirements.

The increase of charter capital will create conditions for NCB to expand its operations.

SGT