Techcombank raises foreign cap to allow foreign employees to buy shares

Tuesday, Sep 08, 2020 14:50

A Techcombank office. — Photo

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has raised its foreign ownership limit to 22.5076 per cent from 22.4951 per cent, according to the Ho Chi Minh Stock Exchange (HoSE).

The increase aims to enable foreign employees to buy 439,000 Techcombank shares.

Techcombank shares slid 0.2 per cent to VND21,150 apiece (US$0.91) on Tuesday.

At its annual meeting, the shareholders approved the bank’s plan to raise charter capital by VND48 billion to nearly VND35.05 trillion by issuing 4.7 million ESOP shares.

The share issuance and capital hike will be done in the last two quarters of the year.

ESOP shares policy helps increase the bank’s internal strength and enhance employees’ loyalty to the bank, according to Techcombank.

In the future, Techcombank will develop high-quality domestic staff while recruiting employees from international institutions to keep boosting its performance.

In the first half of the year, Techcombank earned VND6.7 trillion worth of pre-tax profit, up 19 per cent on-year. The figure accounted for 51.5 per cent of the full-year target.

As of June 30, total asset was up 9.8 per cent on-year to VND395.9 trillion, return-on-asset (ROA) ratio was 2.9 per cent, and capital adequacy ratio (CAR) was 16.9 per cent. — VNS

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