The Ho Chi Minh bourse-listed Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, STB) has issued certificates of deposit (CDs) in US dollars for both clients and investors.
The CDs come with a minimum face value of ranging from $200 to $100,000 [CDs purchase by cash or bank account] and carry a coupon rate of 4.6 – 4.8%; 4.75 – 4.95%; and 4.95 – 5.15% for four month, eight month and eleven month terms respectively.
The issuance has been opened from April 20 to June 20.
The bank is set to make a 1:2 rights issue this year to raise VND1.45 trillion (US$90 million), increasing its chartered capital to VND3.55 trillion ($221 million).
Some three million shares will also be offered to key executives at VND15,000.
Sacombank has projected pre-tax profit of VND845 billion ($52.6 million) this year, up 55% from last year.
Its outstanding loans at the end of last year were 73% higher year-on-year at VND14.54 trillion ($905 million). Deposits increased 75% to VND21.52 trillion ($1.3 billion).
Sacombank shares started trading on July 12, 2006 in the HCMC Securities Trading Center, making the lender the country's largest listed company at the time, boosting Vietnam's stock market value then by 53%.
The bank has three strategic foreign shareholders, the World Bank's International Finance Corp., Dragon Capital and ANZ Bank, which altogether held 26.3% of stake.
Another source predicted the central bank might lift the cap on foreign investors’ holdings in the bank.
Source: Thanh Nien
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