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Vietnam Eximbank to issue new stock to shareholders

Mon Nov 17, 2008 4:03am EST

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HANOI, Nov 17 (Reuters) - Vietnam's Export Import Commercial Bank (Eximbank), 15 percent owned by Japan's SMFG (8316.T), said on Monday it would issue more than 297 million new shares next month to existing shareholders.

The stock would be offered to shareholders on its register as of Dec. 1, it said in a statement, without giving further details such as the price at which the shares would be offered.

Eximbank, Vietnam's eighth-largest lender by assets, would boost its registered capital by 70 percent to 7.22 trillion dong ($438 million) after the issue.

Sumitomo Mitsui Financial Group (SMFG) bought its stake in Eximbank in August 2007 for $225 million.

The Ho Chi Minh City-based partly-private bank has reported nine-month gross profit up 127 percent from the previous year at 1.1 trillion dong. (1$=16,490 dong) (Reporting by Bui Thanh Huong; Editing by Ho Binh Minh and Alan Raybould)



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