TienPhongBank finalizes capital increase to VND 3,000 billion
As of 30 December 2010, TienPhongBank officially finished increasing its capital toVND3,000 billion as required by the government under Decree No. 141/CP. It is one of few banks that has actively mobilized its capital to the amount prescribed in the first stage of the Decree.
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11/01/2011
The bank successfully offered 100 million shares to its current shareholders at the par value of VND 10,000/share.
The increase in capital will enable the bank to invest in new facilities, network expansion, technology and human resources. The bank will also be able to enhance its short, medium and long term credit capability and buy stakes in other companies and joint ventures, as well as develop its services, non-credit activities, public relations and branding.
TienPhongBank is opening two more branches in Dong Nai and An Giang provinces in January 2011, increasing its total number of trading offices to 30.
In addition to TienPhongBank, HDBank and Dai A Bank have alsoincreased their capital to VND 3,000 billion, but to date, 15 out of 23 bankshave not fulfilled the government’s request.
