After the private placement, foreign investors will hold 15 per cent of BIDV’s charter capital. - Photo BIDVViet Nam News HÀ NỘI — The Bank for Investment and Development of Vietnam (BIDV) expects to issue 603 million new shares to South Korea’s KEB Hana Bank in a move to raise its charter capital to VNĐ40.22 trillion (US$1.72 billion). In a document released on Wednesday seeking approval from the bank’s shareholders, Việt Nam’s second biggest bank by market value said the new shares will be issued in 2018 or 2019. The new shares under this private placement will be transfer restricted for five years after Hana Bank becomes BIDV’s shareholder. At the current price, the planned BIDV share sale is worth $735 million. BIDV intends to use the new capital for lending, investment and expanding its network. Shareholders will have until November 15 to vote on the share sale. After the private placement, foreign investors will hold … [Read more...] about BIDV to sell shares to South Korea’s KEB Hana Bank
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South Korea’s KEB Hana Bank to buy 15% stake of Vietnam’s BIDV
The Hanoitimes - At the current market price of VND30,350 (US$1.3) per share, the planned shares of Bank for Investment and Development of Vietnam (BIDV) issued to KEB Hana Bank are worth VND18.3 trillion (US$735 million). State-run BIDV, the country's second-largest lender by assets, planned to issue 603 million shares or a 15% stake through private placement to KEB Hana Bank, a subsidiary of South Korea’s Hana Financial Group, after unconfirmed rumors, the former said in a statement on its website. Illustrative photo. The share issuance is expected to take place in 2018 or 2019. At the current market price of VND30,350 (US$1.3) per share, the planned BIDV shares issued to KEB Hana Bank are worth VND18.3 trillion (US$735 million). The shares in subject would be non-transferable in at least 5 years. The move would reduce the state ownership at the bank from 95.28% to 80.99%. Foreign ownership in a Vietnamese bank is capped at 30%. A foreign investor is … [Read more...] about South Korea’s KEB Hana Bank to buy 15% stake of Vietnam’s BIDV
BIDV launches e banking service for corporate clients
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has just launched its BIDV iBank, a modern electronic banking service for corporate clients. BIDV iBank is an e-banking product operating on a multi-channel platform including web and mobile devices for corporate clients, financial institutions, and other credit institutions. With BIDV iBank, clients can conduct many types of banking transactions. BIDV iBank will greatly benefit corporate clients The transactions include making deposits and loans, and guarantee account queries; performing domestic and international money transfers and salary payments; and sending documents with a digital signature through the programme for processing with the same legal value as the original document. Besides, the transactions also include querying information for merchants; effectively managing cash flows between main and subsidiary accounts; viewing transaction summaries and checking transaction status by time and … [Read more...] about BIDV launches e banking service for corporate clients
BIDV’s pre-tax profit up over 30% in nine months
According to the bank’s latest financial report for the period, it earned VND32.8 trillion in operating income in the period, up 18.3% year-on-year. As of September 30, the bank’s total assets amounted to more than VND1,268 trillion, up 12.67% compared to the same period last year. The bank has mobilised some VND953.5 trillion in capital, up 10.9% compared to the beginning of the year. Its credit structure has shifted towards increasing the proportion of retail sector and small- and medium-sized enterprise (SME) segments; and short-term debt, focusing on terms of production and business. The BIDV continues to be the leading joint-stock commercial bank. The bank is focusing its resources for its restructuring plan in connection with dealing with bad debts, and working to mobilise more capital in line with its roadmap. … [Read more...] about BIDV’s pre-tax profit up over 30% in nine months
BIDV’s pre-tax profit up over 30 percent in nine months
Illustrative image (Source: VNA) Hanoi (VNA) - The Bank for Investment and Development of Vietnam (BIDV)’s pre-tax profit increased by 30.6 percent year-on-year to 7.2 trillion VND (305.45 million USD) in the first three quarters of 2018. According to the bank’s latest financial report for the period, it earned 32.8 trillion VND in operating income in the period, up 18.3 percent year-on-year. As of September 30, the bank’s total assets amounted to more than 1,268 trillion VND, up 12.67 percent compared to the same period last year. The bank has mobilised some 953.5 trillion VND in capital, up 10.9 percent compared to the beginning of the year. Its credit structure has shifted towards increasing the proportion of retail sector and small- and medium-sized enterprise (SME) segments; and short-term debt, focusing on terms of production and business. The BIDV continues to be the leading joint-stock commercial bank. The bank is focusing its resources … [Read more...] about BIDV’s pre-tax profit up over 30 percent in nine months