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August 19, 2008

Vietnam’s Techcombank sells shares to raise capital base 17.5 pct
Vietnam’s partly private Techcombank, 15-percent owned by HSBC Holdings Plc, has increased its capital base by 17.5 percent to 2.96 trillion dong ($179 million) through the sale of new shares, said Reuters on Monday.

The Hanoi-based unlisted bank has issued nearly 43.5 million new shares to existing shareholders under the first phase this year of expanding its registered capital, Reuters quoted Techcombank as saying in a statement.

The registered capital determines the size of bank loans and deposits.

Last week the State Bank of Vietnam, or the central bank, said the government has allowed the London-based lender to raise its stake in Techcombank to 20 percent, the ceiling for foreign ownership in a domestic bank.

Techcombank, or Vietnam Technological and Commercial Bank, has yet to announce when it will complete the extra share sales to the biggest bank in Europe.

Techcombank is the country’s seventh-largest lender by assets, with 51.82 trillion dong ($3.14 billion) at the end of June, up 31 percent from the end of 2007.

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