Western Bank has announced plans to list shares on the HCM City Stock Exchange in late February or early March, once it receives approval from the exchange.
At the end of December, the Can Tho-based bank got the nod from the State Bank of Viet Nam to list 100 million shares worth a combined VND1 trillion (US$54.05 million).
The exchange was currently processing the bank’s listing application, said the stock exchange’s General Director, Tran Dac Sinh, who noted that several more bank shares might debut on the exchange this year.
Once it lists, Western Bank would become the fifth banking share listed on the HCM City exchange, following Sacombank, Vietcombank, Eximbank and VietinBank.
Western Bank Deputy Director Nguyen Quoc Sy said the listing of shares would enable the bank to double its charter capital to VND2 trillion ($108.11 million) in the first quarter, and to raise it further to VND3 trillion ($162.16 million) by the end of the year.
Western Bank has estimated profits of VND160 billion ($8.65 million) in 2009.
Established as Co Do (Red Flag) Bank in 1988, Western Bank was one of the nation’s first banks to apply high technology to security and e-banking services.
On the over-the-counter market, Western Bank shares (Coded WB) yesterday were traded online at about VND13,000-13,500 per shares.