NAVIBANK Inaugurated

From a small local Song Kien bank with a capital of VND3 billion, Nam Viet Joint Stock Commercial Bank (Navibank) has now a capital of VND350 billion and expected at VND500 billion by the end of 2006. On September 28, 2006, in the Reunification Palace, the bank was officially established with head office at 39-41-43 Ben Chuong Duong, District 1, HCMC. On the inaugural day, the bank signed agreements on financial services with Vietnam Apparel Group and Association of IZs - HCMC.

Mr Le Quang Tri, Director General of Navibank said: “The bank operates as a retail commercial bank and will become a leading bank in the network by the first quarter of 2007. We will issue ATM cards, though late compared to others, we will launch a development strategy to become a prestigious bank in a short period of time”.

On the same occasion, Navibank granted scholarships “Talents of Vietland” to 20 students of the School of Economics with a total of VND100 million, Hung Vuong College VND100 million and Fund for the Poor -HCMC VND300 million.