Former BIDV chairman expelled from PartyBy Thanh Thom A combination photo of Tran Bac Ha and Le Nam Tra - PHOTO: VNA HCMC – The former chairman of the Bank for Investment and Development of Vietnam (BIDV), Tran Bac Ha, has lost his membership of the Communist Party of Vietnam as he has been found responsible for lending irregularities. At a meeting held in Hanoi on June 27-28, the Party Central Committee’s Inspection Commission decided to remove Ha, 61, from the Party. He also served as secretary of the Party Committee of BIDV. Ha violated the principle of democratic centralism as well as working regulations, procedures and regulations on lending, financial guarantees, investment and debt management, according to a statement issued by the commission after its meeting. Ha was found to be involved in the process of approving loans totaling VND4.7 trillion (US$204.7 million) for 12 companies involved in a criminal case at the Vietnam Construction Bank. Other former … [Read more...] about Former BIDV chairman expelled from Party
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KEB Hana Bank BIDV’s potential strategic investor: VCSC
The potential strategic investor of Bank for Investment and Development of Vietnam is Korea’s KEB Hana Bank. — Photo BIDV The potential strategic investor of Bank for Investment and Development of Vietnam (BIDV) is Korea’s KEB Hana Bank, reported Viet Capital Securities Company (VCSC). In a report on BIDV, which is one of Viet Nam’s four largest State-run commercial banks, VCSC said the prospect of finding strategic investors of BIDV after eight years was gradually clear, adding that the transaction, if successful, will be an important factor to bring BIDV closer to Basel II standards as required by the central bank. Earlier, Business Korea reported that KEB Hana Bank had decided to expand its business in Viet Nam by acquiring a stake in BIDV. KEB Hana Bank is going forward with the acquisition and is reportedly close to signing a deal. The deal will proceed in a way that BIDV will raise new capital through a capital increase to improve its financial … [Read more...] about KEB Hana Bank BIDV’s potential strategic investor: VCSC
Former BIDV chairman implicated in notorious banking fraud
The violations of BIDV and its former chairman Tran Bac Ha related to the notorious VNCB case are very serious. Tran Bac Ha, former chairman of BIDV According to the conclusions of the Central Inspection Commission of the Communist Party of Vietnam presented at the 26th meeting, the former chairman of BIDV allegedly violated regulations when he let the 12 companies related to the notorious fraud case in Vietnam Construction Bank (VNCB) borrow VND4.7 trillion ($207 million) from state-owned bank BIDV. The Central Inspection Committee concluded that Tran Bac Ha, former chairman of BIDV, had violated the regulations, bypassed democracy in his management of the bank, and broke the duties and responsibilities of his position. Tran Bac Ha also violated credit procedures and regulations by approving a number of loans, investments, and debt management decisions. In addition to singling out Ha, inspectors also found that the standing committee of BIDV Party Committee for the terms … [Read more...] about Former BIDV chairman implicated in notorious banking fraud
BIDV donates 1 billion VND to Hue Festival
The signing ceremony of the sponsorship (Source: http://tintuc.hues.vn) Thua Thien – Hue (VNA) – The Bank for Investment and Development (BIDV) will donate 1 billion VND (43,700 USD) to activities within the framework of the Hue Festival 2018, becoming the bronze sponsor for the event. The signing of the sponsorship took place in Hue city, the central province of Thua Thien - Hue on April 23. In recent times, BIDV’s branch in Hue has funded many social programmes in the locality. Notably, it provided two ambulances worth 2.5 billion VND (109,250 USD) for the Hue Central Hospital and the Hue University of Medicine and Pharmacy. According to Nguyen Dung, Vice Chairman of the provincial People’s Committee and also head of the Hue Festival organising board, the 10th Hue Festival themed “Cultural heritage with integration and development, Hue - one destination, five world heritages” will take place from April 27-May 2. A wide range of activities … [Read more...] about BIDV donates 1 billion VND to Hue Festival
BIDV plans to raise chartered capital by 28% this year
The Bank for Investment and Development of Viet Nam (BIDV) has proposed a plan to its shareholders to increase its chartered capital this year by 28 per cent, compared to the end of 2017. In the plan which was unveiled at the bank’s annual general shareholder meeting on April 21, BIDV proposes to add VND9.45 trillion (US$418.2 million) to its chartered capital, so the figure would reach VND43.65 trillion by the end of 2018. Specifically, BIDV will issue 965 million ordinary shares with a face value of VND10,000 per share. Of the total, more than 171 million shares will be sold to the public through an initial public offering or private placement, 603.3 million shares to be sold to foreign strategic investors under private placement, and over 171 million shares sold under the Employee Stock Ownership Plan (ESOP). The increase in chartered capital is part of BIDV’s plan to increase its equity to meet the minimum capital adequacy requirement set by the State Bank of Viet Nam, … [Read more...] about BIDV plans to raise chartered capital by 28% this year