Vietnam International Bank or VIBank, one of the largest joint stock banks in Vietnam on December 8 increased chartered capital from VND400 billion (US$25.3 million) to VND510 billion (US$32.3 million), over a 10 fold increase over its initial capital, according to Le Dinh Long VIBank’s general director.
VIBank’s Long said that VIBank chartered capital hike this time is aimed at increasing its financial capacity and improving the approaching capacity to serve customers better as well as further consolidate the position of VIBank on the finance and banking market.
“This is a very positive preparatory step of VIBank in its business development strategy to become one of the leading joint stock banks in Vietnam,” said Long.
Also, on November 8, VIBank also passed a new savings promotion program called “Gifts For The New Year” that is scheduled to start from December 12 this year to January 12, 2006.
Accordingly, VIBank will add an extra interest rate to deposits of its traditional customers and grant valuable gifts for new customers.
Specifically, customers who have savings books falling due and want to continue to extend depositing at the bank will be added an extra 0.007 per cent a month for dong-based deposits or an extra 0.08 per cent a year for US dollar-based deposits compared with the normal interest rate for each term offered by VIBank.
The additional interest rate will be calculated along with the duration of savings books. However, this rule only is applicable to savings books that have duration of one-month or more.
Currently, the deposit interest rate in dong of VIBank stands at 0.76 per cent a month for a 24-month term, 0.75 per cent a month for a 12 month term, 0.72 per cent for a nine-month term, 0.71 per cent for a six-month term and 0.69 per cent for a three-month term.
For US deposits, the rate of the bank for 24, 12, nine, six and three-month terms is in turn 4.7 per cent, 4.6 per cent, 4.2 per cent, 4.1 per cent, and 3.8 per cent a year.
Statistics of the State Bank of Vietnam showed that in the first three quarters of this year, the domestic joint stock commercial banks increased their chartered capital by 33 per cent on average over the nine-month period.
Vietnam Economic Times
Vietnamese
