Customers do transactions at a branch of Vietinbank. — Photo vietinbank.vn Viet Nam Bank for Industry and Trade (VietinBank) plans to issue 400,000 bonds worth VND10 million each to raise its capital by VND4 trillion (US$174.7 million). These will be non-convertible bonds unsecured by property. The scheduled date for issuance is June 28, and the deadline for registration and payment is from June 5 to 25. VietinBank plans to issue bonds to the public for a term of 10 years. After five years, VietinBank can exercise the right to buy back all the above bonds, as it is not allowed to buy a part of the bonds. The bond interest rate is floating and is determined by the reference interest rate (the 12-month saving deposit rate of Agribank, Vietcombank, BIDV and VietinBank) plus 0.8 per cent. This bonus interest rate is lower than the previous bond issuance (1.2 per cent). The proceeds are expected to supplement VietinBank’s operational capital and improve its financial capacity. … [Read more...] about Vietinbank to issue 400,000 bonds in 2018
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Court upholds sentences for former Vietinbank officials
Defendant Huynh Thi Huyen Nhu (wearing glasses) at the appeal court (Photo: VNA) HCM City (VNA) – The High-level People’s Court in Ho Chi Minh City has upheld charges and sentences for former officials of Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) ruled at the first instance trial for their wrongdoings at the bank. Accordingly, the court upheld the life imprisonment to Huynh Thi Huyen Nhu and seven years in prison to Vo Anh Tuan on charge of swindling to appropriate 1.085 trillion VND (43.8 million USD) of five companies. Together with his previous sentence, the combined penalty for Tuan is 27 years behind the bar. The court also kept the first instance trial’s decision on compensation responsibility of Nhu and Tuan. In the case, Tuan helped Nhu appropriate over 200 billion VND out of the 1.085 trillion VND. Therefore, Nhu was forced to compensate four companies namely Orient Securities Corporation, SaigonBank Berjaya Securities … [Read more...] about Court upholds sentences for former Vietinbank officials
Court reviews swindling case of ex Vietinbank official
The High-level People’s Court in Ho Chi Minh City on May 28 opened a trial to review the case in which Huynh Thi Huyen Nhu, an ex-official of Vietinbank, and her accomplice were charged with swindling to appropriate 1.085 trillion VND (43.8 million USD) of five companies. Huynh Thi Huyen Nhu at the appeal trial on May 28 According to the first instance trial’s verdict announced on February 9, from May to September 2011, Huynh Thi Huyen Nhu, who was then a controller and acting head of the Dien Bien Phu transaction office of the HCM City branch of Vietinbank, persuaded five companies, namely Orient Securities Corporation, Hung Yen Investment JSC, SaigonBank Berjaya Securities Company, Global Insurance Corporation, and An Loc Company, to deposit money in the Nha Be and HCM City branches of Vietinbank. She promised them interest rates higher than the ceiling rate regulated by the State. Nhu took advantage of accounts at Vietinbank, used many tricks and faked seals … [Read more...] about Court reviews swindling case of ex Vietinbank official
Vietinbank and PG Bank deal collapses
The Viet Nam Bank for Industry and Trade (VietinBank) and the Petrolimex Group Commercial Joint Stock Bank (PG Bank) have called off a potential merger after nearly two years of negotiations. The Viet Nam Bank for Industry and Trade (VietinBank) and the Petrolimex Group Commercial Joint Stock Bank (PG Bank) have called off a potential merger after nearly two years of negotiations. The information was announced by Vietinbank, one of Viet Nam’s largest state-owned commercial banks, in its recently-released audited consolidated financial statements. PG Bank is a subsidiary of Viet Nam’s top fuel importer and distributor Viet Nam National Petroleum Group (Petrolimex), which is currently holding a 40 per cent stake in the unlisted domestic lender. As stated in Vietinbank’s financial statement, VietinBank and PG Bank will report to the competent authorities of each party for approval to terminate their merger plan. They will also organise a shareholder meeting to … [Read more...] about Vietinbank and PG Bank deal collapses
Da Nang, Vietinbank in e-payment deal
Da Nang city officially launched the online payment portal (egov.danang.gov.vn). — VNS Photo Cong Thanh The central city and Viet Nam Bank for Industry and Trade (Vietinbank) inked an agreement on online payment service in the city’s e-Government system (egov.danang.gov.vn) on Tuesday, marking further progress towards promoting cashless transactions in the community. General director of Vietinbank Le Duc Tho said the agreement was part of a long period of positive co-operation with Da Nang City. He said he hoped that the bank and the city would promote more online payment services in developing Da Nang as a ‘smart city’ in the future. As planned, local residents, businesses and organisations could pay all public fees and charges via an online payment service at egov.danang.gov.vn. The city also launched the online payment portal egov.danang.gov.vn for official transactions on Tuesday. At the Da Nang Investment Forum, Vietinbank committed to provide VND3.5 … [Read more...] about Da Nang, Vietinbank in e-payment deal