Techcombank Scales up Registered Capital to US$35.2Mln

The Hanoi-based Technological and Commercial Bank (Techcombank) has continued raising its registered capital by 11.2 per cent to VND555.9 billion (US$35.2 million) from previous VND500 billion (US$31.6 million), the third increase over the past four months.

 

The extension has helped the bank fulfill the annual plan, which it has set to scale up capital to VND550 billion (US$34.8 million) by the end of this year.

 

The move came as Techcombank is preparing for expansion in order to compete with other domestic and foreign rivals in the context that Vietnam is about to join the World Trade Organization.

 

Techcombank at present maintains the fourth largest joint stock bank in the country after the Sacombank, ACB, and Eximbank.

 

By the end of September, the bank’s total assets were posted at VND10.6 trillion (US$670 million), an increase of 57.89 per cent from same time last year and 35.71 per cent from the beginning of 2005.

 

Its total outstanding loans surged 58.31 per cent compared with early this year to reach VND5.5 trillion (US$348 million), while its mobilized capital reached VND9.55 trillion (US$604.4 million), of which mobilization from institutions rose by 24.7 per cent and from people by 65.5 per cent.

Vietnam Economic Times