Military Bank to hike chartered capital to 3.4tr dong

Friday, May 23, 2008
Military Commercial Joint Stock Bank (MB) recently announced the plan to scale up its chartered capital to 3.4 trillion dong within this year.

The bank's shareholders' meeting held on May 19 passed this year's growth targets with 735 billion dong from pre tax profit, up 21% on 2007, its total asset would increase by 52%, total deposits and total outstanding loan 34% each, the overdue debt rate at 2%, the ensured debt rate accounting for 78% and the medium and long-term debt rate accounting for 38% of total outstanding loans.

The bank's plan of increasing chartered capital will be broken into four phases. Accordingly, in the first phase MB would increase 363.76 billion dong through paying dividend to shareholders at the ratio of 30% in shares on June 2.

In the second phase, MB would raise 316.24 billion dong in the fourth quarter of 2008 via paying bonus shares to shareholders and the bank's employees. The third and the fourth phases will be carried out in December. Of which, the third phase will hike 220 billion dong by transferring 2006 bonds to shares and the fourth phase will increase 500 billion dong by selling shares to domestic and foreign strategic shareholders and potential shareholders with the negotiation price.

MB also plans to pay 7% dividend in cash in advance for the first phase of 2008 on May 26. the time to close the list of shareholders book to is on May 23

Military Bank to boost charter capital

Thursday, May 22, 2008

Military Bank to boost charter capitalMilitary Commercial Joint Stock Bank’s shareholder meeting on May 20 resulted in a decision to raise the bank’s charter capital to 3.4 trillion VND (212.5 million USD).

The bank will also increase total assets to 46.5 trillion VND (2.9 billion USD), 1.5 times higher than last year.

The charter capital increase will be carried out in four phases.

MB reports nearly 80b dong profit from securities investment in Jan-Apr

Tuesday, May 13, 2008
Military Commercial Joint Stock Bank (MB) recently announced that during the first four months of this year, it earned more nearly 80 billion dong in profit from shares investment and that was 228 billion dong in the whole year 2007.

According to MB, during first months of this year, while many commercial banks have to face many difficulties in terms of transparency, the bank's transparency risk was limited from that securities investment activities earlier.

Most of shares invested by MB were liquid assets which helped MB limit maximum transparency risk and brought nearly 80 billion dong in profit during such a difficult period, said MB's representative.

Last year, the bank's total securities investment portfolio was 2.767 trillion dong, of which investment stocks accounted for 2.476 trillion dong and business stocks was 291 billion dong.

MB's 2.476 trillion dong invested in securities sectors included G-bonds, State Bank of Vietnam-issued bonds, treasury bills and other financial institutions' bonds.

This is a safe investment form due to these stocks have no risk of price and not to be effected by stock market's tendency, according to MB.

MB issues bills of exchange in US dollar for plus interest rate

Saturday, May 10, 2008
In next two months, Military Commercial Joint Stock Bank (MB) will issue the US dollar bills of exchange for bonus interest rate from May 6 to July 6 with the payment method in cash or account transfer. The bills of exchange have a term of 3, 7 and 11 months with the minimum face value of US$100 and its multiple.
The book entry bills carry a post-paid interest rate of 5.8% per annum.
Accordingly, the bonus interest rate is 0.01-0.1% per annum for each term whereby the interest rate of bills of exchange will be higher 5.6-5.8% pa of ordinary US dollar saving rates.
The bills can be mortgaged or sold back to the bank.
In addition, the bank also announced that it would pay a 2007 dividend of 30% in shares.
The deadline to close a list of shareholders receiving the dividend is 5pm on May 30, 2008.
Last year MB posted a chartered capital of two trillion dong, total ownership capital of nearly 3.550 trillion dong, increasing 2.57 times over the start of 2007.
As targeted, MB's chartered capital will be raised to 3.4 trillion dong within this year.

Military Bank reports performance

Thursday, May 8, 2008
Established in 1994 with the headquarters located at No3 Lieu Giai Street in Hanoi's Ba Dinh District, after 14 years of operation, so far Military Commercial Joint Stock Bank (MB) has launched 72 transaction offices and built cooperation relationship with over 800 banks' agents worldwide. Up to the end of 2007, the bank's chartered capital was raised to two trillion dong that could be 3.4 trillion dong within this year.
International payment sector is considered the bank's strength. In addition, MB also provides and meets demands of international payment services to four financial institutions namely Saigon Hanoi Commercial Joint Stock Bank (SHB), Petrolimex Gasoline Commercial Joint Stock Bank (PG Bank), the Shipbuilding Industrial Financial Co (VFC) under the Vietnam Shipbuilding Industrial Corp (Vinashin) and PetroVietnam Finance Joint Stock Corp (PVFC).
Ending the first quarter of this year, MB's international payment turnover reached nearly US$700 million that could be between US$2.5 billion and US$3 billion for this whole year.

The year 2007 was regarded as a strong growth year of the bank with 31 trillion dong in total asset, exceeding 30% of the year's plan, 23.01 trillion dong in total deposits, exceeding 40% of the year's target, 10.915 trillion dong in total outstanding debt, 610 billion dong form pre tax profit, nearly two fold against 2006 and the bad debt rate decreased 40% from 2006.

This year, MB targets to expand its network to at least 100 transaction sites and its total asset could be 47 trillion dong including its subsidiaries.

At present, MB is pursuing the development strategy of becoming a multipurpose banking group via establishing and running member companies like Thang Long Securities Co (TSC), Hanoi Investment Fund Management Co (HFM) and Asset Management Co (AMC).

Military Bank’s profits hit 15 million USD

Friday, May 2, 2008
The Military Commercial Joint Stock Bank’s profits for the first quarter of the year have reached 240 billion VND (15 million USD), 31.2% of its target for the year.
By the end of March, the bank’s deposits totalled more than 23.21 trillion VND (1.45 billion USD) while outstanding loans reached 13.1 trillion VND (813.44 million USD).

Military Bank opens additional branch in Ha Tay

Monday, April 28, 2008
The Military Commercial Joint Stock Bank (MB) has officially opened an additional branch in 634 Quang Trung street, Ha Dong city, Ha Tay province, bringing the total number of its branches nationwide to 71.
The branch provides various banking services to individuals, groups in the area. Being one of eight key economic areas in the North, Ha Tay province has great potential and a good market for the bank.
At its inauguration, Ha Tay branch presented gifts to the first 500 customers and its staff gave 10 million VND to a local orphanage.

MB and SUDICO join hands

Tuesday, April 15, 2008
MB and SUDICO join hands
The Military Commercial Joint Stock Bank (MB) and Song Da Industrial And Urban Investment Joint Stock Co, SUDICO, have lately inked a cooperative memorandum of understanding in Hanoi.
Under the agreement, MB will directly or together with other credit institutions provide capital for SUDICO to carry out property projects.
The bank’s services and insurance programmes offered through its service will be made prior to SUDICO’s staff and customers.
In return, MB ATMs will be placed in buildings of SUDICO.