Tien Phong Commercial Joint Stock Bank (TPBank) will make its initial public offering (IPO) by the end of the first quarter of the year, after completing issuing shares to increase its charter capital by 15 per cent to VND6.71 trillion (US$296 million).

HCM City Stock Exchange (HOSE) announced that last week, it received TPBank’s application for listing on HOSE.

Last month, the PYN Elite Fund signed a share-purchasing contract with TPBank. Accordingly, the fund will hold 4.99 per cent of the bank’s capital valued at $40 million.

The fund has been the third largest foreign investment fund in Viet Nam, with a total portfolio value of 417 million euros ($502 million).

TPBank posted impressive growth in 2017. Its profit rose by 70 per cent from 2016 to more than VND1.2 trillion. Its total assets were VND124 trillion, up 17.2 per cent.

The bank’s total credit was VND71.29 trillion, representing a 22 per cent year-on-year rise. It was listed among the top banks with the best credit quality in the market and low bad debt rate of just 0.87 per cent.

TPBank’s total capital mobilisation was VND115 trillion, increasing 17.5 per cent from the previous year. — VNS