Sacombank gets approval to increase capital

Sacombank (STB) has announced it has received approval from the State Bank of Viet Nam to increase its charter capital from VND10.74 trillion (US$506.6 million) to nearly VND12.43 trillion ($586.3 million) for the first time this year.

In addition, the bank will sell some shares to a strategic foreign partner to boost its capital for a second time, which is expected to happen in the fourth quarter.

The banks total assets as of June reached over VND159.6 trillion ($7.5 billion), a rise of 5.5 per cent from earlier this year, while its portfolio of bad debt was just 2.46 per cent.

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