Moody's praises Techcombank

Tuesday, June 10, 2008
The global well-known credit rating agency Moody's on June 4 released the latest report in which Techcombank still was highly appreciated in terms of domestic financial strength, especially the ability to maintain a good transparency in the difficult context at present.

This was shown clearly by the bank's ratio of lending and total capital in dong being kept at 82%-the safest level in Vietnam's banking system at this time, which could be reduced to 80% within this week.

The ratio for US dollar stood at 77%, showing that Techcombank could maintain transparency in line with the balance direction for both US dollar and the dong.

Also, Moody's praised Techcombank's capacity of limiting bad debt ratio that was estimated at 2.4%. (DTCK)

Techcombank to raise $309 million via dong bonds

Sunday, May 25, 2008
Technological & Commercial Joint-Stock Bank, 15% owned by HSBC Holdings Plc, has obtained the central bank’s approval to mobilize VND5 trillion (US$309 million) by bond sales this year.

“We will sell debt in Vietnam to local and foreign investors,’’ Nguyen Duc Vinh, chief executive of the bank, commonly known as Techcombank, said this week.

“However, the timing and the way we sell has yet to be decided.’’

Techcombank’s pretax profit more than doubled to VND219.2 billion ($13.5 million) in the first quarter this year, from VND108 billion ($6.6 million) last year, on increased lending and currency trading.

Earnings from outstanding loans were VND25.8 billion, 134% higher than a year ago, the Hanoi-based bank said last month.

Revenue in the three months ending March 31 jumped to VND1.17 trillion, from VND505 billion ($31.1 million) a year earlier.

Total assets doubled to more than VND46.2 trillion ($2.8 billion) as of March 31.

Techcombank, the country’s seventh largest by assets, also plans to sell bonds to the foreign markets, Vinh said. (CPV)

Techcombank pioneers automatic depositing

Wednesday, May 21, 2008
Automatic Teller Machines (ATM) that enable customers to securely deposit money into their account and have it automatically credited have been successfully launched in Viet Nam.

Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) have collaborated with Germany-based Wincor Nixdorf group to pioneer the new service for the country.

Techcombank Deputy General Director Le Xuan Vu said the launch was part of the bank’s effort to provide its customers with convenient, time-saving banking services.

Wincor Nixdorf Asia Pacific Marketing Director Karsten Kemma echoed the banks statement, saying the project was an important move for the Vietnamese banking sector.

The machines can currently accept 50,000 VND and 100,000 VND notes. (VNA)

Techcombank signs e-ticket deal with Pacific Airlines

Wednesday, May 21, 2008
Techcombank yesterday reported that it successfully launched the airfare payment service for Pacific Airlines via internet Banking (F@st I-Bank) and SMS (F@stMobiPay).

Pacific Airlines will base on successful payment information of customers and send air tickets through their email, fax or letter as registering. In case customers do not receive tickets, the carrier will refund the airfare to customers' account.

Techcombank gets go-ahead to issue bonds

Wednesday, May 21, 2008
State Bank of Viet Nam's governor on May 15 issued the Decision No 1093/QD-NHNN approving Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) to issue bonds with a total value of five trillion dong with the coupon rate matched with the market level in 2008.

Techcombank must comply with SBV's current regulations and legal documents relating to bond issue to foreign institutions and individuals.

Additionally, the decision also rules that Techcombank's bond issue in 2008 must be under the regulation on credit institutions' valuable papers for domestic capital mobilisation enclosed with Decision No 07/2008/QD-NHNN dated March 24, 2008.

Techcombank to launch securities arm

Wednesday, May 7, 2008
Technical and Commercial Joint Stock Bank (Techcombank)'s shareholders' meeting recently passed the plan to pay 2007 dividend of 25.25%. Up to the end of last year, the bank's chartered capital reached 2.521 trillion dong.

Although the capital market is facing many difficulties, the bank plans to set up some subsidiaries including securities company, fund management company under the 100% Techcombank-invested one-member limited company model in the forthcoming time.

The shareholders' meeting also passed the business plan this year with 70.469 trillion dong in total asset and 1.26 trillion dong from pre tax profit and dividend paying plan of 19%.

Techcombank launches "super lucky saving" programme

Tuesday, April 29, 2008
Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) recently launched "super lucky saving" programme lasting from April 23 to 22 July with the total value of nearly three billion dong.
The programme is for customers with saving accounts of from 10 million dong or US$1,000.
In addition, customers when joining this programme will receive 50% of registration fee for added service package including Techcombank Visa Debit card and internet banking service.