Vietinbank gets approval to increase charter capital to VND20.2 T

The Governor of the State Bank of Vietnam approved VietinBank’s application to raise its charter capital from current VND16.858 to VND20.23 trillion or US$1 billion.

VietinBank was granted permission through issuing 337,162,027 new shares to its existing shareholders at 1-for-5 ratio as approved by its General Shareholders Meeting on May 31, 2011.

During the implementation of its capital-raising plan, VietinBank must be responsible for raising chartered capital, registering with authorized government agencies and publicizing information in line with current regulations; ensuring prudent ratios in operations of credit institutions; utilizing added capital safely and efficiently; and prioritizing funds for agriculture production, rural development, export activity, processing industries and SMEs, among others.

The approval will be valid for 12 months from the date of issue.