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Banking & Finance

Two foreign banks to increase capital

Released at: 16:35, 09/07/2015

Two foreign banks to increase capital

SBV gives approval to the HCMC branches of Far East National Bank and China Construction Bank Corporation raising their charter capital.

by Hung Nguyen

The State Bank of Vietnam (SBV) has approved the Ho Chi Minh City branch of the Far East National Bank (FEB) increasing its charter capital from $15 million to $25.95 million and the city’s branch of the China Construction Bank Corporation (CSBC) increasing its charter capital from $30 million to $60 million.

FEB has been in Vietnam since 2004 and this is the first time it has sought to raise its charter capital from the minimum requirement of $15 million.

CSBC, meanwhile, has been in Vietnam since 2009. It reported first quarter pre-tax profits of $173,748; significantly lower than the $1.42 million recorded in the first quarter of 2014.

Both banks must increase their charter capital with 12 months from July 6, when the SBV gave its approval.

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