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16-05-2012, 06:06 PM
Eximbank (EIB) has invested about VND1.6 trillion (US$76.2 million) in Sacombank (STB) and will control Sacombank's board of directors, Eximbank chairman Le Hung Dung said on Sunday at the EIB shareholders meeting.
EIB (http://financeen.vietstock.vn/en/Stock/EIB) currently holds 9.73 per cent of equity in STB (http://financeen.vietstock.vn/en/Stock/STB), and Dung said EIB (http://financeen.vietstock.vn/en/Stock/EIB) had received authorisation from other shareholders representing a total of 53 per cent of STB (http://financeen.vietstock.vn/en/Stock/STB)'s charter capital.
At Sunday's meeting, EIB (http://financeen.vietstock.vn/en/Stock/EIB) shareholders also approved the dismissal of Pham Huu Phu from his post as a member of Eximbank's board for the 2010-15 term and nominated him for election to the STB (http://financeen.vietstock.vn/en/Stock/STB) board at the latter bank's shareholders meeting on May 26.
EIB (http://financeen.vietstock.vn/en/Stock/EIB) also passed its business plan for this year, under which its charter capital would be increased 9.7 per cent to VND13.6 trillion ($645 million). At the end of the year, total assets would total VND210 trillion ($10 billion), an increase of 4 per cent over the previous year, while deposits would be up 37 per cent to VND100 trillion ($4.76 billion). The bank expected credit growth of 17 per cent to a total of nearly VND87.36 trillion ($4.16 billion), while pre-tax profits would rise 13 per cent to VND4.6 trillion ($219 million).
In response to shareholder concerns that the pre-tax profit target was too low, Dung said the figures were based on market conditions which remained very difficult at this time.
The central bank has put a cap on lending interest rates, and the lending rate was gradually declining, causing bank profit to shrink, added EIB (http://financeen.vietstock.vn/en/Stock/EIB) general director Truong Van Phuoc.
This year, EIB (http://financeen.vietstock.vn/en/Stock/EIB) also plans to pay a 21.2-per-cent dividend, of which 11.2 per cent would be paid in cash. Last year, Eximbank paid a 14-per-cent cash dividend and expects to pay an additional 5.3 per cent on last year's undistributed profits.
EIB (http://financeen.vietstock.vn/en/Stock/EIB) currently holds 9.73 per cent of equity in STB (http://financeen.vietstock.vn/en/Stock/STB), and Dung said EIB (http://financeen.vietstock.vn/en/Stock/EIB) had received authorisation from other shareholders representing a total of 53 per cent of STB (http://financeen.vietstock.vn/en/Stock/STB)'s charter capital.
At Sunday's meeting, EIB (http://financeen.vietstock.vn/en/Stock/EIB) shareholders also approved the dismissal of Pham Huu Phu from his post as a member of Eximbank's board for the 2010-15 term and nominated him for election to the STB (http://financeen.vietstock.vn/en/Stock/STB) board at the latter bank's shareholders meeting on May 26.
EIB (http://financeen.vietstock.vn/en/Stock/EIB) also passed its business plan for this year, under which its charter capital would be increased 9.7 per cent to VND13.6 trillion ($645 million). At the end of the year, total assets would total VND210 trillion ($10 billion), an increase of 4 per cent over the previous year, while deposits would be up 37 per cent to VND100 trillion ($4.76 billion). The bank expected credit growth of 17 per cent to a total of nearly VND87.36 trillion ($4.16 billion), while pre-tax profits would rise 13 per cent to VND4.6 trillion ($219 million).
In response to shareholder concerns that the pre-tax profit target was too low, Dung said the figures were based on market conditions which remained very difficult at this time.
The central bank has put a cap on lending interest rates, and the lending rate was gradually declining, causing bank profit to shrink, added EIB (http://financeen.vietstock.vn/en/Stock/EIB) general director Truong Van Phuoc.
This year, EIB (http://financeen.vietstock.vn/en/Stock/EIB) also plans to pay a 21.2-per-cent dividend, of which 11.2 per cent would be paid in cash. Last year, Eximbank paid a 14-per-cent cash dividend and expects to pay an additional 5.3 per cent on last year's undistributed profits.