overview of vie tin bank
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8/4/2019 Overview of Vie Tin Bank
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Overview of VietinBank
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
VietinBank was established in 1988 after being separated from State Bank of Vietnam.
Being one of the four largest State-owned commercial banks of Vietnam, VietinBanks total
assets account for over 20 percent of the market share of the whole Vietnamese banking
system. VietinBanks capital resources keep on increasing over the years and have been
substantially rising since 1996 with the annual average growth of 20 percent, especially up 35
percent a year against that of last year.
VietinBank has developed an operations network comprising of 01 Transaction Centers, 149
branches, 527 transaction offices, 166 savings offices, 02 Representative offices, 04
Subsidiaries, 03 administrative units and 1042 Automatic Telling Machines (ATMs). Has
established correspondent relationship with 850 banks, financial institutions of 90 countriesand territories all over the world.
Being diversified with 04 independent accounting subsidiaries: VietinBank Leasing Company,
VietinBank Securities Company, Ltd., VietinBank Asset Management Company, VietinBank
Insurance Company and 03 non-profit making units: VietinBank Information Technology Center,
VietinBank Card Center and VietinBank Training Center.
Being the founder of the following Financial Credit Institutions:
- Saigon Bank for Commerce and Industry
- Indovina Bank (the first joint-venture bank in Vietnam)
- Vietnam International Leasing Company VILC (the first financial leasing company in Vietnam)
- Vietinbank Insurance Company Ltd.
Being the official member of :\
- Vietnams Banker Association
- Asian Bankers Association
- Society for Worldwide Interbank Financial Telecommunications (SWIFT)
- Visa International Services Association
Being the first bank in Vietnam to apply modern technology and e-commerce in its banking
operations.
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8/4/2019 Overview of Vie Tin Bank
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Decision on VietinBank equitizatiton
On 23/9/2008, the Prime Minister signed the Decision No. 1354/Q-TTg to approve the
Equitization Plan for Vietnam Bank for Industry and Trade. According to this Plan, the amountof state-owned capital as at 31/12/2007 (figures according to accounting book audited in 2007)
of Vietnam Bank for Trade and Industry is 10.646.529 million dongs. Charter capital of Vietnam
Bank for Trade and Industry is 13.400.000.000.000 (thirteen thousand and four hundred billion
vietnam dongs).
Vietnam Bank for Trade and Industry (Vietinbank) is equitizing in the way that the current state-
owned capital will be kept unchanged, and issues shares to attract more funds on the principle
that the State will keep the governing shares, not lower than 51% of charter capital.
Corporation for State capital trading and investment is the unit managing State capital share at
Vietinbank. The total of initial public offering share is 20% of Charter capital, in which public
auction shares, shares selling for domestic strategic investor, preferential share selling for bank
staff and Trade Union are 10% of Charter capital, initial public offering share selling for overseas
strategic investor is 10% of Charter capital.
Vietinbank will select not more than two overseas strategic investors with the share ratio sold
during the periods not more than 20% of Charter capital. Selling share to domestic strategic
investors is complied with Decree No 109/2007/N-CP on transforming 100% State-owned
enterprise into Joint stock company.
About the using of surplus capital after selling shares, Vietnam Bank for Trade and Industry will
submit to Prime Minister to decide on the plan to use the surplus after the equitization process
finishes.
The Board of Management of Vietnam Bank for Trade and Industry have been building and
developing Joint stock commercial Vietnambank for Trade and Industry into Vietinbank
Financial Group in accordance with international practice and particular conditions of Vietnam.
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