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Banking & Finance

Sacombank to increase charter capital

Released at: 13:42, 24/09/2015

Sacombank to increase charter capital

SBV approval comes after bank merges with Southern Bank on September 14.

by Hung Nguyen

The State Bank of Vietnam (SBV) has granted approval to Sacombank increasing its charter capital from VND12.42 trillion ($552.19 million) to VND18.85 trillion ($838.07 million), following a proposal from its Board of Management after backing was received at a recent extraordinary general meeting.

The approval will expire 12 months from the day of signing.

The increase to charter capital comes after the merger between Sacombank and Southern Bank on September 14.

The post-merger bank has charter capital of VND18.85 trillion ($861.98 million), total assets of VND290 trillion ($1.32 trillion), and total equity of VND22.64 trillion ($1 billion), with 112 branches and 526 transaction points, two subsidiaries, nine foreign branches in Laos and Cambodia, and a staff of 15,510.

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