The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) plans to issue 4.7 million shares to current employees under its employee stock ownership plan (ESOP), at a price of 10,000 VND (0.43 USD) per share.
|A Techcombank transaction office (Photo: VNA) |
The bonus shares account for 0.14 percent of the bank’s total at present.
Expected to take place in the third or fourth quarter of this year, the issuance will raise the bank’s charter capital by nearly 48 billion VND (2.07 million USD) to close to 35.05 trillion VND (1.51 billion USD).
The move aims to help Techcombank attract, motivate, and retain talented employees in the long term.
It will be reviewed at its annual general meeting, scheduled for June 20 in Hanoi.
The bank targets credit growth of 13 percent or higher year-on-year in 2020 and asset growth of 12 percent. The non-performing loan ratio is to remain under 3 percent.
It also plans to increase revenue by 1 percent to 13 trillion VND.