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Bank issue to fund upgrade and expansion   2009-03-20 - VietNamNet/VNS

Sacombank will issue about 158 million additional shares, the bank announced on Monday following its shareholders meeting.

Of the total, 76.73 million would be issued as a dividend to existing shareholders at a ratio of 20:3 while another 76.73 million would be offered for sale at a price of VND10,000 per share to existing shareholders at a similar ratio.

The remaining 5 million units would be issued to senior bank executives. STB shares closed on the HCM City Stock Exchange at VND17,300 per share at the end of trading yesterday.

The bank said it would sell additional shares in order to raise funds to increase its charter capital to VND6.7 trillion (US$382.9 million). The new capital would be used to help the bank upgrade technology systems, as well as open more branches and subsidiaries, said the bank.

"By 2010, we will open a financing firm and a bankcard company," said Sacombank chairman Dang Van Thanh.

It was tough to offer additional shares in the context of the current market turmoil, Thanh admitted. "But we will go ahead with this because we have planned for it. The greater capital will also help us better position ourselves to survive the economic crisis."

Sacombank also expected to sell larger stakes in such subsidiaries as Sacombank Securities, Sacombank Leasing and Sacombank Asset Management, he said, with the bank to retain a 75-per-cent stake in each.

The bank was projecting it would achieve credit growth of 50 per cent in 2009. "One of our plans to achieve this goal is to target small- and medium-sized enterprises and individual clients," said Thanh. "They are the targets of the Goverment stimulus package, as well."

Sacombank has estimated it would attain earnings of VND1.6 trillion ($91.4 million) this year, with assets of VND95.5 trillion ($5.5 million), deposits of VND83 trillion and total outstanding loans of VND50 trillion.

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