Vietnam's ABBank to raise $31 mln via bonds

TN News

Email Print

Vietnam's An Binh Bank, 20 percent owned by Malaysia's top lender, Maybank, said on Tuesday it would sell convertible bonds to raise VND600 billion.

It would issue the 24-month bonds on Dec. 30 with an annual coupon of 6.9 percent, it said in a statement.

Maybank is expected to take up part of the debt to maintain its 20 percent stake.

The issue is part of a plan approved in March by shareholders of the bank, also known as ABBank, to raise its registered capital to VND5 trillion in 2012 from the VND3.83 trillion expected at the end of this year.

ABBank's gross profit reached VND648.7 billion at the end of November, 3 percent above its target for the full year, it said in a separate statement.

The lender's total assets at the end of November jumped 31 percent from the end of 2009 to VND34.75 trillion.

More Business News