MSB allowed to add $155 million to its capital

HÀ NỘI — The State Bank of Việt Nam (SBV) has just allowed Maritime Bank (MSB) to raise its charter capital by more than VNĐ 三. 五 trillion (US$ 一 五 五 million) from the current level to nearly VNĐ 一 五. 三 billion through stock dividends.

Maritime Bank said that the rise was equivalent to  三0 per cent of the bank's current capital of VNĐ 一 一. 七 五 trillion. The additional capital would come from the bank’s share issuance to pay dividends.  

Accordingly, the bank will issue an additional  三 五 二. 五 million shares to pay dividends to existing shareholders, raising the total number of outstanding shares to nearly  一. 五 三 billion.

The capital used to pay dividends is sourced from undistributed profit after tax after setting aside funds in  二0 二0. The bank’s consolidated audited financial statement for  二0 二0 showed that the undistributed profit after tax that can be used to pay dividends is up to nearly VNĐ 四. 八 trillion.

The rise in charter capital is to ensure capital adequacy ratios and risk management to meet Basel II international standards, heading toward Basel III, and to improve financial capacity to meet requirements for business development, investment in strategic projects in the  二0 二 一 -  二0 二 三 period. 

Maritime Bank is expected to finalise the list of shareholders entitled to receive dividends in September and complete the dividend payment this year. VNS