MB to double charter capital
VGP – The Military Bank (MB) plans to increase its charter capital to VND 7,300 billion from VND 5,300 billion currently.
The decision was made yesterday in the MB’s annual meeting of the stakeholders.
The MB’s capital expansion plan will be carried out in two phases. For the first phase, MB will issue and offer for sale 140 million stocks worth of VND 1,400 billion, of which 5% will be reserved for its strategic partners and staff.
The bank will also issue 20 million of five-year bonds of VND 2,000 billion in value.
Report shows that the MB earned VND 1,500 billion in 2009, up by 75% against the same period of the previous year. The Bank’s return on equity (REO) and return on assets (ROA) stood at 26.6% and 2.66% respectively.
In 2010, the financial institution targeted to grow at least 30%.
The bank now has 110 branches in total nationwide with a network of 250 ATMs. Its major shareholders include Viettel, GAET Company, Việt Nam Service Flight Corporation, Trường Sơn Construction Corporation, Sài Gòn Newport Company, and Vietcombank.
By Hải Minh
