The central bank has approved the Global Petro Commercial Joint Stock Bank's request to raise its registered capital to VND3 trillion from the current VND2 trillion.
The Hanoi-based lender's plan for the capital increase was passed by its shareholders in March of this year, the State Bank of Vietnam said in a statement released Thursday.
Commercial banks in Vietnam have been ordered to raise their capital to at least VND3 trillion (US$157.1 million) by the end of this year, triple the current minimum. The central bank said the measure is aimed at ensuring financial security.
More than 20 banks in Vietnam need to increase their capital to meet this requirement.
Global Petro Commercial Joint Stock Bank, or GPBank, had total assets of VND19 trillion as of the end of July. The bank plans to expand its business, raising the total number of branches from 64 to 71 by the end of this month.