14:14 (GMT +7) - Wednesday 26/09/2018

Banking & Finance

Standard Chartered Vietnam increases charter capital

Released at: 14:50, 27/02/2018

Standard Chartered Vietnam increases charter capital

Photo: Standard Chartered Vietnam

SBV approves increase from $136.8 million to $187.3 million.

by Ngoc Lan

The State Bank of Vietnam (SBV) has approved Standard Chartered Vietnam increasing its charter capital from VND3.08 trillion ($136.8 million) to VND4.215 trillion ($187.3 million) under its Charter Capital Increase Plan approved by shareholders.

The SBV has set a standard for credit growth at Standard Chartered Vietnam on the basis of credit growth in the banking system as a whole and an assessment of the financial situation of and sound credit growth at credit institutions.

It requires Standard Chartered Vietnam build and control credit growth in accordance with the bank’s plans while not exceeding the credit growth targets set by the central bank.

The SBV Governor asked Standard Chartered Vietnam to develop a plan and control credit growth in line with targets approved by the SBV.

After the completion of the capital increase, Standard Chartered Vietnam will be responsible for filing a proposal with the SBV to amend its charter capital.

Standard Chartered Vietnam was named Best Bank for Treasury and Working Capital in Vietnam and Best Service Provider in Vietnam in various categories at The Asset Triple A Treasury, Trade, Supply Chain and Risk Management Awards 2017, held by global financial magazine The Asset.

The bank has continued to introduce solutions around clients’ working capital cycle and provided financial institutions with access to funding.

It has also expanded its mobile wallet capabilities to both payments and collections and implemented electronic tax payment services to help clients pay taxes and customs duties with ease and convenience.

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