The State Bank of Viet Nam (SBV) on Tuesday approved a Vietcombank's proposal to increase charter capital by VND9.327 trillion (US$416.38 million) to VND35.977 trillion.— VNS Photo

HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) on Tuesday approved a Vietcombank's proposal to increase charter capital by VND9.327 trillion (US$416.38 million) to VND35.977 trillion.

After completing procedures related to the increase in capital in accordance with the current legal regulations, Vietcombank will have to submit documents to the SBV, asking for a change in charter capital in its operation licence.

The added capital will come from the issuance of 933 million bonus shares at the rate of 35 per cent for the existing shareholders of the bank.

Vietcombank, which is the country's largest bank in terms of charter capital, will then offer about 360 million shares or a 10 per cent stake to foreign investors in a private placement.

After raising the charter capital, the dominant share of the State would come down from 77 per cent to 70 per cent.

Vietcombank said it does not just aim to be the number one bank in Viet Nam, but also to be placed in the top 300 financial banks with the best management in the world by 2020. — VNS