Bad debt expense

In the 35 years since its establishment, Agribank now has the largest countrywide retail network, with nearly 2,300 branches and transaction offices. Agribank has a network system twice as large as the next biggest bank and is the only commercial bank with a presence in nine out of the 13 island districts. Agribank going from strength to strength In addition, Agribank also has the largest number of employees in the banking system, with about 40,000 people. The wide coverage is a testament to Agribank’s mission to work alongside the agricultural sector, farmers, and rural communities, despite the expense of maintaining this large network and number of employees. Agribank boasts a profound understanding of the market and its customers and their communities. The bank has also set another record with the number of its customers. On average, each Agribank credit officer is responsible for approximately 800 customers. In some localities, each credit offer is responsible … [Read more...] about Agribank going from strength to strength

PGBank temporarily capped its foreign ownership of 2% to support fuel distributor Petrolimex in finding buyers. After Petrolimex completes the procedures to sell its stake in PGBank, the bank will increase its foreign ownership cap to 30%. PGBank is one of the few banks in the market that still has room for foreign ownership, while most other banks have already reached the maximum foreign ownership ratio of 30%, Cao Thi Ngoc Quynh of SSI Securities Corp, said Wednesday at an investor conference. SSI Securities is a consultant for Petrolimex’s divestment from PGBank. "This is a good opportunity (for foreign investors) in the context that the Government may temporarily suspend licensing for 100% foreign-owned banks," she said. All 120 million shares of PGBank, equivalent to 40% of the stake Petrolimex holds in the bank, will be publicly auctioned at the Ho Chi Minh Stock Exchange on April 7. The starting price is VND21,300 (US$0.9) per share. Tran Ngoc Nam, deputy general … [Read more...] about Foreign investors can buy 28% stake in PGBank from Petrolimex divestment

NEW YORK -- UBS Chair Colm Kelleher is buying Credit Suisse because he has to, not because he wants to. The 3 billion Swiss franc ($3.2 billion) rescue deal, brokered by Swiss authorities and announced late on Sunday, is designed to shore up confidence in the country’s financial industry rather than benefit the buyer. Even so, UBS is salvaging the most value from the wreckage. The Swiss government, central bank and regulator FINMA concluded that a UBS takeover was better than letting Credit Suisse fail, which could have sparked a wider banking-sector panic. The job for Kelleher was how to avoid infecting UBS with its arch-rival’s problems. He’s secured some handy protections. The all-share offer values Credit Suisse at 60% less than its closing share price on Friday, and at a fraction of its 45 billion Swiss franc book value at the end of last year. FINMA will also let UBS write off its target’s debt instruments, known as Additional Tier 1 (AT1) securities, boosting the combined … [Read more...] about UBS salvages most value from Credit Suisse wreck

Asian markets bounced Tuesday from the previous day's rout, with lenders boosted by easing concerns of another financial crisis, while focus turned to the Federal Reserve's policy decision later in the week. The panic that characterised trade over the past 11 days appeared to have faded after authorities in leading economies pledged support for depositors and troubled banks following the collapse of Silicon Valley Bank and Signature Bank in the United States. Still, the takeover of troubled Credit Suisse by UBS for $3.25 billion fanned concerns about what could be next on the chopping block, and analysts warned it was too early to say that the crisis was over. The move to save Credit Suisse aimed to prevent a wider crisis as it is among the 30 global banks considered "too big to fail". All three main indexes on Wall Street ended on the front foot -- with the Dow more than one percent up -- while European markets were also comfortably higher, helped by promises of … [Read more...] about Asian markets rebound as bank fears ease, Fed decision in view

Work began on the VND140 billion (US$5.98 million) project to renovate the 147-year-old Notre Dame Cathedral Basilica in 2017. The project was originally expected to be finished this year, but the completion date has since been pushed back until 2027. Priest Ignatio Ho Van Xuan, head of the church's renovation board, spoke with VnExpress in an exclusive interview about the unexpected challenges and difficulties that have caused the renovation work to drag on much longer than planned. After six years, how is the project going? Currently, the restoration work is 50% complete. It has been carried out on the principle of keeping intact the parts that are still good enough and replacing the parts that are too damaged. To date, no items have been completed. For example, the roof has been beautifully restored, but the gutter system for it has not been completed because the restoration of two bell towers and the metal towers with two crosses must be completed [before installing the … [Read more...] about Priest discusses challenges to iconic Saigon church renovation