VPBank announced major business plans and targets for 2022 at AGM, Business News

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HANOI, VIETNAM- Media outreach – April 29, 2022 – Vietnam Prosperity Joint Stock Commercial Bank (VPBank) successfully held its Annual General Meeting (AGM) in Hanoi today, announcing various business plans and important goals for 2022, in a bid to preparing for the next phase of growth banking in the future.

During the AGM, VPBank received the green light from its shareholders to issue/offer its shares to staff under the ESOP scheme, and at the same time implement the plan to strengthen its capital through the issuance of shares from shares and private shares. placement with a strategic investor.

As a result, 30 million treasury shares will be available to bank staff at the preferential price of VND 10,000 per share. Meanwhile, the bank decided to distribute 50% stock dividends to existing shareholders, using the bank’s undistributed profit after tax and reserve. The total value of the share issue will increase the share capital from VND 45.06 trillion to VND 67.43 trillion.

In addition, the private placement worth up to 15% of the share capital with a strategic foreign investor, when completed, will eventually bring the bank’s share capital to 79,330,000,000,000,000,000 VND. The bank will accordingly lift its foreign ownership limit to 30% of the share capital to allow private placement to the foreign investor accordingly. The proceeds from the share issue will be used to improve VPBank’s financial and management capabilities, to expand the bank’s scale of operations to meet the growing demand for credit.

As part of the AGM, VPBank was also authorized to proceed with the acquisition of OPES Insurance Company to extend its activities to non-life and health insurance, to be combined with its current life insurance business in collaboration with AIA Vietnam. On the other hand, the bank will contribute VND20 trillion to its securities arm of ASC – a subsidiary obtained earlier in the year, to operate the investment banking and wealth management segments.

Aiming high for the year, VPBank has set its business targets for 2022 with total assets growing 27% to VND697.4 trillion, credit growth of 35% to VND518.4 trillion and profit before tax up 107% to around 29.7 VND. trillion.

Last year, VPBank recorded a consolidated pre-tax profit of VND 14.36 trillion, a year-on-year increase of 10.3%. Its total assets increased by 30.6% to VND547.4 trillion while customer credit jumped by 18.9% to VND384.030 billion, reaching 111% and 102% of target respectively. annual.

About VPBank

Founded in 1993, VPBank is currently one of the largest private banks in Vietnam. The bank operates in a wide range of businesses, including retail banking, corporate banking, wealth management and consumer credit. VPBank’s goal is to become a leading retail bank among joint-stock commercial banks in Vietnam in terms of business scale, market share and service quality. On this basis, VPBank will achieve the highest profits for its shareholders, create stable jobs and career development opportunities for employees, and make considerable contributions to the state budget as well as the general development of the economy and society.

#VPBank

The issuer is solely responsible for the content of this announcement.

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