Nam A Bank to sell 100 million shares

The Nam A Bank plans to sell 100 million shares in its initial public offering (IPO), with a combined face value of VND1 trillion (US$47.62 million).

The IPO is aimed at helping the bank increase its charter capital from VND3 trillion ($142.86 million) to VND4 trillion ($190.48 million).

The State Securities Commission adopted the plan last April 8, after the bank's shareholders agreed to the scheme in March 2014.

Nam A will consult shareholders about a share listing on the stock market at their annual meeting on April 17.

This year, the bank projects a pre-tax profit of VND360 billion ($17.14 million), an increase of 49 per cent over last year. It targets a total asset value of VND40 trillion ($1.90 billion) in 2015, a year-on-year increase of 7 per cent.

Deposits are expected to reach VND23.5 trillion ($1.12 billion), up 16 per cent year-on-year, and outstanding loans are expected to hit VND21 trillion ($1 billion). The maximum bad debt ratio is set at 3 per cent.

The bank also plans to open five more branches and four new transaction offices in 2015.

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