Indovina Bank (IVB), a joint venture between VietinBank and Taiwan’s Cathay United Bank, announced on Tuesday that it had completed procedures to revise up its chartered capital from US$165 million to US$193 million.
Indovina Bank (IVB), a joint venture between VietinBank and Taiwan’s Cathay United Bank, announced on Tuesday that it had completed procedures to revise up its chartered capital from US$165 million to US$193 million.
The central bank earlier allowed for IVB’s capital increase through the equal capital injections by both joint-venture partners. The higher capital will help IVB sustain long-term development and strengthen confidence of customers and shareholders.
Le Van Phu, deputy general director of IVB, said IVB has been classified in the safe group despite strong turbulence on the local economy over the past two years. Bad debt at the bank was put at less than 1% before 2011 and stood at 1.59% by 2012.
IVB lends mainly to small and medium enterprises and individual clients. The bank offers annual lending rates of 8.5-12% for Vietnamese dong loans and 2.5-6% for U.S. dollar credits.
IVB has 32 banking units in big cities and provinces such as Hanoi, HCMC, Haiphong, Danang, Dong Nai and Binh Duong.
(Source:VNNet)
