South Asia Commercial Bank, or NamABank, is planning to list on the secondary market this year, according to a regulatory filing done by the bank.
“Listing will help create more investment opportunities and increase the benefits for our shareholders,” the bank, that is traded over-the-counter, said in a statement.
According to the bank, its operations meet the listing standard of the stock exchange and so plans to seek official approval from the State Bank of Vietnam to list in the market.
For expansion, the Ho Chi Minh City-based lender plans to raise its charter capital to VND4 trillion ($186 million) from the current VND3 trillion ($139.5 million), and at the same time open nine more branches and transaction offices.
NamABank expects its total asset (by the end of the year) will rise 7 per cent over 2014 to VND40 trillion ($1.86 billion), and profit for the year will reach VND360 billion ($16.7 million), jumping 49 per cent.
In addition, the bank has accepted the resignation of its board member Tran Ngo Phuc Vu, who will be joining as key executive in the Vietnam Export Import Bank (Eximbank) during its forthcoming annual meeting.
Late last year, when the rumours about the merger of two banks were doing rounds, NamABank has stated that though it intended to acquire another bank, the targer was not yet decided.
However, the possible changes in leading personnel in both the banks might indicate that the two banks are looking at a merger, soon.
Also read: Nam A Bank top executives to join Eximbank