Saigon Thuong Tin (Sacombank), Vietnam’s largest joint–stock bank, has increased its legal capital by 64.4 billion dong to 740 billion dong (US$47 million).
Sacombank’s two for eign institutional shareholders, the International Finance Corp (IFC) and British group Dragon Financial Holdings, contributed about 50 billion dong (US$3.18 million), with the remaining money coming from local shareholders.
The IFC, a World Bank affiliate, and Dragon, now hold about a 20% stake in the bank. Regulations allow foreign investors to hold up to 30%.
In July, Sacombank raised almost 171 billion dong (US$10.89 million) from local shareholders to push its capital to 675.6 billion dong (US$43.03 million).
In the first three–quarters of 2004, the bank’s outstanding loans reached 5.56 trillion dong (US$354 million), up 27% over the figure for the same period in 2003.