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Vietnam's Oricombank to sell 600 bln dong bonds

Thu Nov 27, 2008 3:27am EST

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HANOI, Nov 27 (Reuters) - Vietnam's Oricombank, 10 percent owned by France's BNP Paribas (BNPP.PA), has won permission to raise 600 billion dong ($36.4 million) via selling convertible bonds, the central bank said on Thursday.

The Ho Chi Minh City-based lender, also known as Phuong Dong Commercial Bank, will sell the dong-denominated debt on domestic markets, the State Bank of Vietnam said in a statement without giving any further details of the issue.

Oricombank aims to raise its registered capital -- which determines the size of its loans and deposits -- by 53 percent to 1.7 trillion dong by the end of this year from around 1.1 trillion dong now.

One of Vietnam's 37 partly private banks, Oricombank and nine others have sold shares to foreign banks as they sought expertise and greater business opportunities. The country has 86.5 million people but only 10 percent of them have bank accounts. ($1=16,482 dong) (Reporting by Ho Binh Minh)



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