Vietnam - Four foreign banks' branches to raise chartered capital

The State Bank of Vietnam (SBV) has given the green light to four foreign banks' branches in Ho Chi Minh City to scale up their chartered capitals.

They were the branches of Woori Bank, First Commercial Bank, Industrial Bank of Korea and JPMorgan Chase, N.A.

Woori Bank's branch is allowed to hike its chartered capital by 3.5 times from $15 million to $67 million.

First Commercial Bank's branch will hike its chartered capital from $15 million to $40 million, increasing over two-fold.

Industrial Bank of Korea's branch will increase its chartered capital from $15 million to $115 million, up seven-times.

JPMorgan Chase, N.A's branch will raise its chartered capital from $27 million to $77 million, an over two-fold increase.

The central bank's governor asked these banks to carry out the chartered capital increase plan and commit to comply with SBV's Directive No.01 dated March 1, 2011 on controlling the credit growth till the end of this year at below 20 per cent and the M2 growth at 15-16 per cent together with suitable interest rates and forex rate.

Previously, Korea Exchange Bank's Hanoi branch was also approved to increase chartered capital from $15 million to $67 million, an over three-fold increase.

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