Indovina Bank, a Vietnam-Taiwan bank joint-venture has issued its third round of US dollar certificates of deposit (CDs) in Vietnam, aiming to mobilize 20mio US$.
The CDs come with a minimum face value of 500 US$ for individuals and 1,000 US$for institutions.
The CD carries an annual interest rate of 4.4%; 4.75%; and 5.2% for CDs of three-month; six-month; and 360-day terms respectively.
The issue is to last until February 16.
Indovina, a 50:50 joint venture between the Industrial and Commercial Bank of Vietnam and Taiwan’s Cathay United Bank has recently obtained approval from the State Bank of Vietnam to issue debit cards and introduce the banking service of payment through debit cards.
As proposed in the first phase, the bank would install about 10 automatic teller machines (ATMs) at Indovina’s branches and transaction offices in the country.
It was now negotiating with partners to network its card system in Vietnam, and would finish the job in the first quarter this year, the bank representative said.
The bank is also to open four more branches and transaction offices in the first quarter this year and issue about 70,000 ATM cards in the first phase.
The bank’s customers, mostly Taiwanese and joint venture corporations, have strong demands to use ATM cards, especially in paying salaries to their employees through ATM accounts.
Indovina plans to scale up its chartered capital to between 45 and 70mio US$ by the year’s end from the current 35mio US$.
It last year earned a profit of 9mio US$, increasing 60% against the previous year.
As of late last year, its total assets were 337mio US$, up 94mio US$ on the year earlier.
Source: Thanh Nien
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