Nhan Dan - The Bank for Foreign Trade of Vietnam (Vietcombank) plans to raise US$1 billion by issuing bonds in international markets, said Chairman Nguyen Phuoc Thanh at the annual meeting of shareholders.
The bonds, with terms of up to ten years, will be issued during 2012 or possibly at a later date.
Currently, Vietcombank’s foreign currency funds accounts for 30% of its total deposits, while foreign currency loans occupy over 32% of its outstanding loans.
At the shareholders meeting, Vietcombank adopted its business strategy and set a number of ambitious targets for growth in 2012, with the lender aiming to boost its annual deposit growth by 17-18% and profits before tax by 15%. ..
Vietcombank’s shareholders also approved plans to establish three more subsidiary companies in a move to transform the lender into a multi-functional financial group.