VietinBank to issue new shares for boosting capital

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VietinBank, Vietnam's top partly private lender by assets, has secured central bank permission to raise its registered capital by a fifth to VND20.23 trillion (US$963 million) via a share issue, the central bank said on Monday.

Hanoi-based VietinBank, or the Vietnam Bank for Industry and Trade -- 10 percent owned by the International Finance Corporation -- would issue the new shares to existing shareholders over the next 12 months, the State Bank of Vietnam said in a statement.

The state would contribute nearly VND2.1 trillion to the capital boost, the statement said.

Registered capital determines the level of deposits and loans by a bank.

Shares of VietinBank were trading down VND200 at VND22,300 ($1.06) each at 0231 GMT on Monday.

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