The domestic market has seen some consolidation of the US dollar against the Vietnamese dong in recent days, running counter to the trend of decreasing prices in the gold market.
On June 14, the US dollar hit a peak of almost 16.125 VND on the unofficial market. The dollar was bought at 16,085 VND and sold at 16,120 VND by the Bank for Foreign Trade of Viet nam.
The situation has forced banks to increase savings interest rates on the US dollar.
The Ha Noi Housing Bank (Habubank) raised the annual rates by between 0.05% and 0.5% for all terms of savings deposits.
The Vietcombank branch in HCM City has also adjusted its savings interest rates to 5% a year for the 12-month term, which normally stood at between 4.6 and 4.9% before the recent surge in the US dollar value.
Source: VNA
Showing posts with label Habubank. Show all posts
Showing posts with label Habubank. Show all posts
Friday, June 15, 2007
Lilama rolls out bond issuance
The Viet Nam Construction and Machinery Installation Corporation (Lilama) issued 1,000 billion VND in bonds through the Deutsche Bank AG and the Habubank Securities Company.
Lilama said that the bond issuance would be used to raise capital for its Vung Ang 1 Thermoelectricity Power Project.
The ten-year bonds will be released in book-entry form and bear an annual interest rate of 9.2%.
Source: VNA
Lilama said that the bond issuance would be used to raise capital for its Vung Ang 1 Thermoelectricity Power Project.
The ten-year bonds will be released in book-entry form and bear an annual interest rate of 9.2%.
Source: VNA
Monday, June 04, 2007
Deutsche Bank to buy limited share of Habubank
Deutsche Bank AG has received the informal nod from Vietnam’s central bank to buy a 10% stake in a local commercial bank.
The firm initially sought 20%, which is only allowed in extraordinary cases.
The State Bank of Vietnam (SBV) released a statement saying that Deutsche Bank and the
Hanoi Building Commercial Joint Stock Bank (Habubank) would soon complete procedures for the acquisition to then be submitted to SBV for the formal approval.
The two banks have entered into a strategic co-operation explore potential partnership in areas such as credit cards, affluent banking and the development and distribution of investment products.
Deutsche Bank has also committed to assist Habubank in managing financial sources and banking business risk.
Earlier the German bank had proposed to buy up to 20% stake in Habubank, expecting to become its largest shareholder be represented on the lender’s management board.
Under Vietnam’s current banking regulations, a foreign bank can only own 10% of a Vietnamese bank, while total foreign holdings are capped at 30%. In exceptional cases, the government can allow a foreign bank to own up to 20% of a Vietnamese bank if proposed by the SBV.
Deutsche Bank is known as a leading bank in both homeland and the EU. The bank is developing a network to 72 countries worldwide.
It opened its first Vietnamese branch in 1992.
Habubank is Vietnam's sixth-largest private commercial joint stock bank by assets and is one of the best-capitalized Vietnamese banks with 21 branches in the country.
It held around VND12 trillion ($748 million) in assets with a pre-tax profit of VND248 billion at the end of last year.
Overseas banks have been eager to tap the growing demand for credit in Vietnam, a nation of 84 million people where only 5% use banking services.
At least two more banking groups are now waiting for the Vietnam central bank to raise the cap on foreign ownership to buy an additional 10% stake of two local banks.
The Vietnamese Orient Commercial Joint Stock Bank, or OCB, said it was ready to sell an additional 10% of its shares to the French banking group BNP Paribas, which last year acquired a 10% stake of OCB.
Earlier this year, HSBC announced it would pay $71.5 million to double its 10% stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the country’s third-largest joint stock bank by assets.
Vietnam's joint-stock banks were small in size and controlled only 15% of the lending market in 2005, while state-owned commercial banks controlled 75% of the lending market.
Most economists believe the rapidly evolving nation will achieve its target of an annual 7.5-8% real GDP growth over the next five years, making it one of the most attractive markets in the region.
Deutsche Bank , HSBC and UOB obviously see immense growth opportunities for their businesses in this environment and are taking steps to create a foothold.
Source: Thanh Nien
The firm initially sought 20%, which is only allowed in extraordinary cases.
The State Bank of Vietnam (SBV) released a statement saying that Deutsche Bank and the
Hanoi Building Commercial Joint Stock Bank (Habubank) would soon complete procedures for the acquisition to then be submitted to SBV for the formal approval.
The two banks have entered into a strategic co-operation explore potential partnership in areas such as credit cards, affluent banking and the development and distribution of investment products.
Deutsche Bank has also committed to assist Habubank in managing financial sources and banking business risk.
Earlier the German bank had proposed to buy up to 20% stake in Habubank, expecting to become its largest shareholder be represented on the lender’s management board.
Under Vietnam’s current banking regulations, a foreign bank can only own 10% of a Vietnamese bank, while total foreign holdings are capped at 30%. In exceptional cases, the government can allow a foreign bank to own up to 20% of a Vietnamese bank if proposed by the SBV.
Deutsche Bank is known as a leading bank in both homeland and the EU. The bank is developing a network to 72 countries worldwide.
It opened its first Vietnamese branch in 1992.
Habubank is Vietnam's sixth-largest private commercial joint stock bank by assets and is one of the best-capitalized Vietnamese banks with 21 branches in the country.
It held around VND12 trillion ($748 million) in assets with a pre-tax profit of VND248 billion at the end of last year.
Overseas banks have been eager to tap the growing demand for credit in Vietnam, a nation of 84 million people where only 5% use banking services.
At least two more banking groups are now waiting for the Vietnam central bank to raise the cap on foreign ownership to buy an additional 10% stake of two local banks.
The Vietnamese Orient Commercial Joint Stock Bank, or OCB, said it was ready to sell an additional 10% of its shares to the French banking group BNP Paribas, which last year acquired a 10% stake of OCB.
Earlier this year, HSBC announced it would pay $71.5 million to double its 10% stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank), the country’s third-largest joint stock bank by assets.
Vietnam's joint-stock banks were small in size and controlled only 15% of the lending market in 2005, while state-owned commercial banks controlled 75% of the lending market.
Most economists believe the rapidly evolving nation will achieve its target of an annual 7.5-8% real GDP growth over the next five years, making it one of the most attractive markets in the region.
Deutsche Bank , HSBC and UOB obviously see immense growth opportunities for their businesses in this environment and are taking steps to create a foothold.
Source: Thanh Nien
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