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VietinBank raises capital by nearly VND3.4 trillion
By Hong Phuc - The Saigon Times Daily
Thursday,  Dec 29, 2011,20:54 (GMT+7)

VietinBank raises capital by nearly VND3.4 trillion

By Hong Phuc - The Saigon Times Daily

HCMC – Vietnam Commercial Bank for Industry and Trade, or VietinBank, has finished the second chartered capital increase this year to VND20.23 trillion from the previous VND16.86 trillion by issuing more shares to its existing shareholders.

VietinBank in a report on Wednesday sent to the Government, the central bank and the Ministry of Finance said that it had issued over 337 million shares with the nominal value of VND10,000 each. Newly-issued shares are distributed to the bank’s present shareholders at a ratio of 1:5 with total mobilized fund reaching some VND3.37 trillion.

In the second share issuance this year, VietinBank has sold 576,435 shares that remained unsold from the previous issue.

The capital increase this time includes about VND2.7 trillion paid by state-owned shareholders. Of which, VND200 billion is collected from recovering the bank’s nonperforming loans while over VND273.5 billion comes from the bank’s equitization and VND1.823 trillion from dividends paid for its state-owned shareholders last year.

Given the charted capital increase, the number of shares held by state-owned shareholders is 1.624 billion shares worth over VND16.245 trillion, accounting for 80.31% of the bank’s total shares. Meanwhile, the remaining 19.69% goes to other private shareholders.

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