Shareholders of Technological and Commercial Joint Stock Bank (Techcombank) have agreed to place Techcombank shares at the Vietnam Securities Depository and list shares on a stock exchange this year.

At a general meeting over the weekend, shareholders authorized the bank’s board to select the exchange for unlisted public firms (UPCoM), or the Hochiminh Stock Exchange, or the Hanoi Stock Exchange to list its shares with a stock code of TCB.   

The board of directors is authorized to select a consultant, prepare documents and decide a listing schedule. TCB shares will be floated on UPCoM and then shifted to HCMC or Hanoi exchange. 

According to the Ministry of Finance’s Circular 180/2015/TT-BTC dated November 13 last year on registration of trading of unlisted securities on the trading system, public companies that have yet to float shares on an exchange must register for trading on UPCoM no later than December 31, 2016.

Techcombank’s board said floating shares on HCMC or Hanoi exchange is necessary to improve liquidity, ensure transparency and enhance the lender’s prestige.

Techcombank looks to attain VND3.54 trillion (US$158.8 million) in pre-tax profit this year, a 74% increase from a year earlier, as its credit growth is projected at 18%. Its market cap is expected to reach US$5 billion and the return on equity (ROE) ratio at 20% by 2020.

In the coming years, Techcombank will concentrate more on the retail segment, boost lending to small enterprises and improve revenue from other business sectors. The bank wants to acquire an insurance company.

Techcombank’s total assets exceeded VND191.9 trillion and its pre-tax profit rose by 43.8% year-on-year to nearly VND2.04 trillion last year. Its capital mobilization edged up 8% to VND142.24 trillion and outstanding loans leapt 39% to VND111.6 trillion. 

The capital adequacy ratio (CAR) had reached 14.74% by end-2015.

Techcombank leaders decided not to pay a 2015 dividend in cash for shareholders to use profit for operation.