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Banking & Finance

MB Bank to increase charter capital

Released at: 08:16, 23/07/2015

MB Bank to increase charter capital

SBV gives approval for bank to issue shares to raise capital to $733.28 million.

by Hung Nguyen

The State Bank of Vietnam (SBV) has issued Document No. 5384/NHNN-TTGSNH, signed on July 16, allowing MB Bank to increase its charter capital from VND11.59 trillion ($531.16 million) to VND16 trillion ($733.28 million), as per a proposal submitted by the bank’s Board of Management.

The increase will be divided into three stages.

In the first, the charter capital will be increased by VND347.81 billion ($15.94 million) via the issuing of over 34 million stocks, to pay the second round of dividends for 2014.

In the second stage, the charter capital will be increased by VND152.18 billion ($6.97 million) via offering over 15 million shares to the bank’s employees.

And in the final stage, over 390 million shares will be offered to investors and strategic shareholders, to increase its charter capital by VND3.9 trillion ($187.73 million). If MB Bank cannot sell all of the shares on offer the number outstanding will be offered to existing shareholders.

The document is effective for 12 months from the day of signing.

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