Vietbank has received approval for the issuance of 100.3 million shares to existing shareholders from the State Securities Commission to increase its charter capital. — Photo courtesy of the bank

Vietbank will issue 100.3 million shares to existing shareholders at the rate of 21 shares to every 100 held at par.

The rights issue will increase Vietnam Thương Tín Commercial Joint Stock Bank’s charter capital to VNĐ5.78 trillion (US$236.96 million) from VNĐ4.77 trillion.

The bank has received approval for the issuance from the State Securities Commission, and has to complete it within 90 days.

Viet Dragon Securities will be the lead manager.

The money raised would help improve its financial capacity, strengthen safety ratios and increase its capital adequacy ratio.

It will also invest in facilities, expand operations and meet credit growth needs in the following years.

Talking about its plans for 2024 the bank has said it will focus on scaling up its operation, operational safety, compliance with regulations, and improving financial capacity.

It plans to invest in developing human resources, technology and risk management to international standards. — VNS