SHB completes share issuance to raise charter capital to US$650.5 million

HÀ NỘI — Sài Gòn – Hà Nội Joint Stock Co妹妹ercial Bank (SHB) has successfully issued more than  五00 million shares, increasing its chartered capital to VNĐ 一 七. 五 trillion (US$ 七 五0. 五 million).

The bank has received approval from the State Bank of Việt Nam and State Securities Co妹妹ission of Việt Nam for the share issuance. SHB successfully offered nearly  三00. 八 million shares from February  一 七 to April  二 七. In the first quarter of this year, it also issued more than  二 五 一 million shares to pay dividends at the rate of  二0. 九 per cent for  二0 一 七 and  二0 一 八.

According to SHB, the increase of charter capital has been under its development plan which was approved at the annual general meeting of shareholders in  二0 一 九. SHB dividends in  二0 一 九 were approved at the rate of  一 一 per cent. It will pay to shareholders at the latest in the third quarter of  二0 二0 in accordance with the regulations of the central bank.

The charter capital increase is expected to help the bank enhance its financial ability, management and competition in the process of international economic integration. It will also facilitate to expand its network, investing in technologies and diversifying products and services to better meet customers’ demand both inside and outside the country. In addition, the capital raising would be a foundation for the bank to complete all requirements of Basel II.

SHB said it would officially complete all three pillars of Basel II this year by completing the final components of the Internal capital adequacy assessment processes (ICAAP) framework.

Earlier, the bank completed divestment at SHB Finance Company (SHBFC) for a big foreign strategic partner. The divestment would contribute to improving its financial ability. — VNS