National Citizen Bank to issue 200 million new shares

February 25, 2019 | 15:31

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National Citizen Bank has been approved to issue close to 200 million shares for $86.74 million of capital.

national citizen bank to issue 200 million new shares

National Citizen Bank will use the proceeds to improve its image and overhaul its digital infrastructure

In particular, National Citizen Bank (NCB) plans to sell 199.44 million shares, 184.6 million of which would be reserved for current shareholders and 14.88 million would be given to staff. The expected price is VND10,000 ($0.43) per share.

After 90 days of sale, NCB expects to raise VND1,995 trillion ($86.74 million). According to the bank, these new funds will be used for an overhaul of the bank's image and digital infrastructure. NCB will also inject capital into its debt collection arm, as well as add provisions for mid- to long-term lending.

Unless otherwise stated, registration and deposits for these new shares will start on March 28. The deadline is April 17, 2019 for existing shareholders and May 3, 2019 for staff members.

Shareholders can make their purchase at the brokerages where they opened the trading account. Those without a trading account, as well as NCB's staff members, can go to the NCB headquarters at 28C-D Ba Trieu Street, Hang Bai ward, Hoan Kiem district, Hanoi to complete their purchase.

The advisor for this issuance is Everest Securities.

In last December, NCB was approved by the State Bank of Vietnam to raise capital from VND3 trillion to VND5 trillion ($130.4 million to $217.4 million). According to NCB representatives, this is a positive move for the Bank, allowing it to invest in human resources, risk management, a nationwide branch network, and digital systems.

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