ABBANK share issuance to pay dividends hikes capital to $444m

ABBANK has completed payment of dividends in shares, thus increasing its charter capital to over VND10.35 trillion ($444.7 million). — Photo courtesy of the bank

ABBANK has completed payment of dividends in shares at a rate of 10 per cent, thus also increasing its charter capital from VND9.4 trillion (US$403.1 million) to over VND10.35 trillion ($444.7 million).

Based on the list of shareholders entitled to receive the 2022 dividends compiled by the Vietnam Securities Depository, on May 31 the bank issued nearly 94.1 million shares worth VND941 billion ($40.4 million).

The proposals to increase the capital and pay dividends were approved by the State Bank of Vietnam and the State Securities Commission.

Dao Manh Khang, ABBANK's chairman, said: “Paying dividends in shares will help realize the strategic goal of becoming an efficient retail bank. It is expected that the capitalisation of ABBANK will continue to increase in the next three to five years to reach the desired scale.

“ABBANK will invest long-term resources in people, technology and data, and focus on sustainable development in line with its ‘customer-centric’ orientation. — VNS