EAB boosts capital

The HCM City-headquartered Eastern Asia Commercial Bank (EAB) has raised its chartered capital to 350 billion dong (US$22.3million) from the previous 300 billion dong.
This is the second capital increase of EAB in 2004. The first one took place in October with existing shareholders injecting an additional 100 billion dong into the bank. EAB targets at least 500 billion dong by the end of next year, said general director Tran Phuong Binh provided shareholders give approval.
The HCM City-based bank also plans to undergo an audit and sell shares to the public, but it will rebuild its current premises and up grade the technical system first, Binh said.
It has spent about US$3 million installing new software and 70 ATMs in the year to date, Binh said. The bank’s 2004 pre-tax earnings are estimated at 100 billion dong, almost the same with last year’s. However, it will still provide a 15% dividend for shareholders this year, Binh said.

 

Category: Finance