TienphongBank to raise cap to VND1.75 trillion

The central bank said Thursday it has allowed the Tien Phong Commercial Joint Stock Bank (TienPhongBank) to raise its registered capital to VND1.75 trillion (US$100 million) this year from the current VND1 trillion.

TienPhongBank will issue 75 million new shares in two different tranches for the capital increase, the State Bank of Vietnam (SBV) said in a statement.

The central bank said TienPhongBank will sell shares to foreign partners in the first tranche and to domestic partners in the second tranche, without giving further details.

In a separate website statement Thursday, SBV also approved a plan by North Asia Commercial Joint-Stock Bank (Bac A Bank) to raise VND4 trillion ($224.6 million) this year by selling long-term securities.

The types of instruments to be sold by the bank, which is based in the central province of Nghe An, weren’t specified in the statement.

thanhnien, bloomberg

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