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Maritime Bank gets government nod to sell shares

Vietnam Maritime Commercial Joint-Stock Bank, known as Maritime Bank, won approval from the regulator to sell 74 million additional shares.

Maritime Bank, which is not listed, aims to increase its capital with the share sale, Vu Bang, chairman of the State Securities Commission, said by telephone Friday. The bank’s registered capital is VND1.5 trillion (US$86 million), according to a statement on the commission’s website.

Maritime Bank is allowed to sell 67.5 million shares to its existing holders, the statement said. The remaining 6.5 million shares will be sold to its staff. The sale would take place in three months, it said.

Hanoi-based Maritime Bank’s pretax profit more than doubled to VND450 billion last year after it more than doubled its branch network nationwide and won more business, according to an e-mailed statement from the lender on January 2.
Source: Bloomberg
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