The State Bank of Việt Nam (SBV) has given nod to the plan of National Citizen Bank (NCB) to increase its charter capital by VNĐ7.5 trillion (US$295 million), through a private placement of 750 million shares to its professional investors.

The plan to increase charter capital was endorsed at its annual shareholders’ meeting held in late March, under which NCB will issue 750 million shares in a private placement to increase its charter capital from VNĐ11.78 trillion to VNĐ19.28 trillion.

The capital increase aimed to support lending in line with the Government’s goal of promoting credit growth and to enhance NCBs financial capacity to implement restructuring and comprehensive transformation.

The share offering is expected to be implemented at the end of this year.

This marks the third capital increase by NCB in the past four consecutive years.

NCB has set the goals of having a total asset worth VNĐ135.5 trillion this year, up 14.6 per cent.

The bank reported a pre-tax profit of VNĐ151 billion in the first quarter of this year. Its assets totalled nearly VNĐ131 trillion as of the end of March, up 10.5 per cent against the end of last year. — VNS

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