Sacombank allowed to issue long-term valuable papers for 2009

Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) issued, on April 23, Decision No. 978/QD-NHNN to permit the Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) to issue long-term valuable papers for 2009.

Under the Decision, Sacombank is permitted to issue long-term valuable papers with the total face value of VND 10,000 billion.

In addition, Sacombank has to determine the yield of these long-term valuable papers in line with Decision No.16/2008/QĐ-NHNN of the SBV Governor dated May 16, 2008 on the management mechanism of the base interest rate in VND. The Bank is also required to strictly comply with the Regulations on issuing valuable papers in the domestic market stipulated in Decision No. 07/2008/QĐ-NHNN of the SBV Governor dated March 24, 2008.

The decision stipulates that the Bank should use the proceeds of the issue effectively and safely in accordance with the SBV’s guidance and applicable regulations.

Thu Huong

SBV

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