Tien Phong bank licenced

Thursday, May 8, 2008
TienPhong Commercial Joint Stock Bank (TienphongBank) on May 7 was licenced by the State Bank.
The bank has the chartered capital of VND 1,000 billion, 15% of which is held by FPT Technology Investment and Development SJC; 12.5% is held by VMS Mobifone; 12.5% is held by Vinare; and the rest belongs to other shareholders.
According to Tienphong Bank’s General Director Dao Trong Khanh, the bank will operate in Hanoi, Ho Chi Minh City, Danang, Can Tho and Hai Phong from June following the ISO 9001:2000 management standards.
Under its plan, after one year operation, the bank’s chartered capital will be increased to at least VND 3,000 billion.
According to State Bank Governor Nguyen Van Giau, Vietnam currently has 5 state-owned commercial banks, 2 state-owned credit institutions of prior loans, 34 commercial joint stock banks, 44 branches of foreign banks, 5 joint venture banks, 13 finance leasing companies, 9 financial companies, 54 representative offices of foreign banks and nearly 1,000 people’s credit funds. (TBKTSG)