Industrial and Commercial Bank of Vietnam
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| Joint-stock company | |
| Traded as | : CTG |
| Industry | Financial services |
| Founded | 1988 |
| Headquarters | Hanoi |
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Area served
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Vietnam |
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Key people
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Nguyễn Văn Thắng (chairman) Lê Đức Thọ (director) |
| Revenue | 55.775 bn VND (2011) |
| 8,392 bn VND (2011) | |
| 6,259 bn VND (2011) | |
| Owner | State Bank of Vietnam |
| Website | http://www.vietinbank.vn/web/home/en/index.html |
Vietinbank (Vietnam Joint Stock Commercial Bank for Industry and Trade) (Vietnamese: Ngân hàng Thương mại Cổ phần Công thương Việt Nam) is a state-owned Vietnamese bank. It has strategic partnerships with the International Finance Corporation and Mitsubishi UFJ Financial Group. It has a market capitalisation of VND 53.22 trillion (around $2.5 billion) as of late 2012, making it one of Vietnam's largest listed companies. According to the VNR500 (Top 500) ranking, Vietinbank is Vietnam's 13th largest company.
Major customers with loans of several hundreds of millions of dollars include PetroVietnam and Vietnam Electricity (EVN).
The Vietnam Industrial and Commercial Bank (Incombank) was set up by the State Bank of Vietnam in 1991 as one of the first four commercial banks after the introduction of a two-tier banking system. Other sources suggest that the bank was set up in 1988. By 2000 the bank had total assets of 48.7 trillion VND, deposits of 40.7 trillion and debts of 26.2 trillion. Loans were granted mostly to large government programmes in priority sectors such as postal services, communication, processing, and construction material, but there was also lending for non-commercial purposes such as flood relief and training funds for poor students.
As other major commercial state banks, Vietinbank was pressurised by the government to continue lending to unprofitable state companies. It was subject to a 1 trillion VND recapitalisation by the government in December 2002, effectively doubling the bank's charter capital (from 1.045 trillion in 2001). It was the only of the four major state banks not part of the second stage of recapitalisation in 2003.
Incombank changed its name to Vietinbank in April 2008. It was listed on the in July 2009.
Vietinbank had two major increases in its chartered capital in 2011 by issuing more shares to existing shareholders, thereby increasing chartered capital to 20.23 trillion VND by the end of the year (around $1 billion). At this point, state shareholders held 80.3% of the bank's shares.
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Wikipedia