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HowieC
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Posts posted by HowieC
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Banks in race to boost charter capital
It is anticipated that there will be significant changes in the scale of the banking sector's charter capital this year.
An employee performs a transaction at NCB's office. — VNA/VNS Photo HÀ NỘI — It is anticipated that there will be significant changes in the scale of the banking sector's charter capital this year as several joint-stock commercial banks have announced their plans to raise capital.
In a recently issued official dispatch, the State Bank of Vietnam (SBV) has granted approval to a number of banks to increase their charter capital through various methods, such as issuing shares for dividend distribution, conducting private placements and issuing shares to foreign strategic investors.
The banks include Liên Việt Post Joint Stock Commercial Bank (LPBank), National Citizen Commercial Joint Stock Bank (NCB) and SaigonBank.
NCB on January 2 said that the SBV allowed it to increase its charter capital to over VNĐ11.8 trillion (US$484.5 million). The lender will issue 620 million shares at VNĐ10,000 per share, bringing its charter capital from VNĐ5.6 trillion to VNĐ11.8 trillion.
The increase is to supplement capital for business activities and strengthen the bank's financial capacity.
The plan will be implemented after being approved by the State Securities Commission (SSC), expected in the second quarter of 2024. The transfer of these shares is restricted within one year from the date of completing the offering.
Similarly, LPBank was approved to increase its charter capital from nearly VNĐ20.6 trillion to VNĐ25.6 trillion.
Previously, the bank had already been granted permission to raise its charter capital by a maximum of nearly VNĐ11.4 trillion, as approved at the 2023 Annual General Meeting of Shareholders. Accordingly, it released over 328.5 million shares for dividend distribution at a rate of 19 per cent and also issued additional shares to existing shareholders with a total value of VNĐ5 trillion.
With the increased charter capital, LPBank continues to rank among the top private joint-stock commercial banks with the largest charter capital in the banking system.
In late December 2023, SaigonBank also obtained approval to raise its charter capital by up to VNĐ308 billion through a share issuance aimed at paying dividends to existing shareholders.
The bank's representative said that the increase in charter capital is essential for SaigonBank to enhance its financial strength and embrace technological advancements in line with industry trends.
On January 12, BacABank will finalise the list of shareholders receiving 2022's share dividends.
In particular, BacABank plans to issue more than 62.5 million shares to pay dividends at a rate of 7.5 per cent, meaning a shareholder owning 1,000 shares will receive 75 new shares. The number of fractional shares (if any) will be distributed to the bank union.
Charter capital plays a crucial role in measuring the Capital Adequacy Ratio (CAR) and determining the credit ratings of financial institutions. The CAR ratio is computed in accordance with Circular No. 41, which adopts internationally recognised Basel II standards and sets a minimum requirement of 8 per cent.
However, experts noted that despite the continuous plans of banks to increase their capital, especially in the fourth quarter of 2023, with numerous banks actively completing the necessary procedures to distribute shares to increase charter capital and provide additional resources, the Vietnamese banking system still faces capital constraints, with a significantly lower Capital Adequacy Ratio (CAR) compared to many other countries in the region.
In particular, several countries in the region have already implemented or partially adopted Basel III.
According to the latest data released by the SBV, as of May 2023, the total charter capital of the entire credit institution system reached more than VNĐ888.8 trillion, up 1.35 per cent from the end of 2022. — VNS
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They don't decide. But we have the same President that pulled out the first time. JMO
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40 minutes ago, Bama Girl said:
I am a “believer” in Shabibi even though he is dead. Saleh, who is an adviser to the PM was the Assistant Governor of the CBI under Shabibi and I just don’t believe he has abandoned Shabibi’s philosophy. A couple of the requirements for the RV, according to Shabibi, were political and economic security. I don’t see that at this time. All my opinion of course.
I WANT the increase of the Dinar value RIGHT NOW! But my wants don’t change one darn thing. It’s not going to happen until several entities decide it’s the right time and I will never believe any news article will give us a clue when it is going to happen. Tar and feather me if you will, but these are my thoughts and I’ve been in this since 2010.I agree with what your saying.
My question is....What was Shabibi's definition of being secure enough? And the definition of economic security. Of coarse we're talking IRAQ , and compared to what? The way they were? The way they want or perceive to be?
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7 hours ago, Luigi1 said:
The 12 to 1 is actually an agenda or a game plan if you read the full article.
Pimpy flip flopped & dropped the ball then tried to damage control.
The 12 to 1 agenda, or game plan, in the full drawn out article, is actually common sense and basic math.
Simple.....Tap into one of the 3 years of the budget and divide by 12, gives you a monthly amount to tap into. Mr. Pimple
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Someone have a take on this backwards wording? TIA
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The Central Bank addresses the banks: We are ready to provide you with cash dollars as quickly as possible01-11-2024The Central Bank addresses the banks - We are ready to provide you with cash dollars as quickly as possibleToday, Thursday, the Central Bank confirmed its readiness to counterfeit all licensed banks with cash dollars.The bank asked the banks in a document to inform it of their need for cash dollars to meet the requests of their customers in accordance with the controls it had previously established.The Central Bank expressed its readiness to provide the banks with the required amounts as quickly as possible.
ALMUTALEE.COMالمطلعالمطلع؛ سرعة في نقل الخبر ومصداقية عالية في تغطية الحدث؛ نبحث فيما وراء الخبر؛ ونحلل تداعيات الأحداث؛ ونراقب التطورات. المطلع: رصد .. متابعة .. تحليل-
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Pimpy must be dense or plain doesn't do His homework. He still doesn't realize the "12 to1" was in reference to the budget, not the exchange rate.
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56 minutes ago, southbeach said:
What does that tell you? Yeah.
They don't have their big boy pants on?
They're involved in corruption and/or terrorism as well?
They're about to RV?
The Kurds/peshmerga don't want to be abandoned and left with Baghdad?
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Thousands of protesters demanding their late salaries block the main roads in SulaymaniyahBaghdad today - SulaymaniyahToday, Monday (January 8, 2024), protesting employees in Sulaymaniyah Governorate blocked the main roads in the governorate to demand the payment of their arrears.The "Baghdad Today" correspondent said, "Hundreds of protesting employees in Sulaymaniyah Governorate blocked the main roads in the governorate, while they decided to go on strike for several days until their demand is implemented and their late salaries are paid."He added that the employees headed towards the court and governorate building in Sulaymaniyah, to organize a protest demanding the payment of their salaries.This morning, the demonstrations of educational staff were renewed in Sulaymaniyah Governorate, with a categorical rejection of the decision to return to work, as the demonstrators stipulated that their demands be met.One of the demonstrators told "Baghdad Today", "The demonstrations will continue until the legitimate demands of educational personnel guaranteed by the constitution are met," stressing his rejection of "the return of work hours."Yesterday, Sunday (January 7, 2024), the Ministry of Education in the Kurdistan Government decided to return promotions to educational staff and transfer lecturers to contracts, while conditioning this on amending the budget.Many of the region's employees and teaching staff, especially in Sulaymaniyah Governorate, continue to demonstrate to demand the payment of their salaries that have been arrears for many months, amid the inability of Baghdad and Erbil to solve the crisis radically, and to be satisfied with "temporary" and "patchwork" solutions, according to observers of political and economic affairs.
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Economist: Iraq needs 4 million electronic payment devices, and what the government provided does not exceed 25 thousand devices6 hours ago563The economic expert, Mustafa Hantoush, described the government’s steps to provide electronic payment devices as successful, indicating that the number is small and needs encouraging measures, especially for shop owners.The Iraqi government had set June 1, 2023, as the date to activate the electronic payment process “because of its high level of protection and security, its shortening of time and effort, and its contribution to revitalizing the economy,” according to the directives of Prime Minister Muhammad Shia’ al-Sudani.The directive stated that the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service in the public and private sectors, including obligating all centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, and all wholesale and retail marketing outlets and licensed services that require payment in their favor within the limits of the Baghdad Municipality. And the centers of governorates and districts throughout Iraq, opening bank accounts and providing point-of-sale devices for electronic payment ( POS ) to pay by bank cards to collect money and to enable those who wish to pay with cards, while maintaining cash receipts side by side, while linking the renewal of work licenses and granting vacations. Practicing the profession through the availability of these devices.Hantoush said in a press interview seen by “Taqaddam” that “the government has succeeded in providing POS devices currently deployed, numbering 23 thousand devices,” pointing out that “the number is very small, and we need approximately 1 million devices for this service to be available in every street.” If they are provided to all shops, we will need approximately 3 to 4 million devices throughout Iraq.”He added, “We must give licenses to new companies working to provide devices and cards, and there must be strategies to win over shop owners, and provide them with accounts that can be converted into dollars and transactions,” pointing out “the necessity of giving the citizen free service for a period of no less than six months to a year, and it must There should be interest on savings that remain for a specific period.”The economic expert called for “working on a pricing policy in this process,” noting that “the government has taken a significant set of measures that require more seriousness in order to spread this very important culture, which serves the state.”
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6 hours ago, 6ly410 said:
The Central Bank announces the imminent issuance of decisions to support system" rel="">support the Iraqi dinar
Well I'm glad I was around to hear that HUGE issuance of DECISION. Isn't that suppose to be their PURPOSE ?
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Hard to forget what went on the first time the so called puppet master pulled the troops out
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CBI still won't load 🙂
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ISX: A platform for unlisted joint stock companies will be launched on Jan. 2, 2024ISX will launch a new platform for unlisted joint stock companies (OTC) on Jan. 2, 2024.
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Romanciki reveals $73 million to Iraqi government to improve services
2023-12-30 05:39US Ambassador to Iraq Elena Romanciki revealed on Saturday that $73 million has been provided to the Iraqi government for the purpose of cooperating with civil society and improving services.
Romanciki said in a tweet through her official account on the X site "formerly Twitter", that the goal of the Iraqi government of supporting community participation and effective local governance is a key priority within the comprehensive US-Iraqi partnership.
The U.S. Agency for International Development Middle East (USAID Middle East) has provided $73 million through the Iraq Together program to enable the government to collaborate with civil society and communities to improve public services.
رومانسكي تكشف عن تقديم 73 مليون دولار الى الحكومة العراقية لتحسين الخدمات - شفق نيوز (shafaq.com)
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Hopefully the "continuous flow" is for trade and not for the use of citizens inside Iraq. Last I heard or read..... there was to be no use of USD inside Iraq as of 1/1 24.
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Thank you 6ly410 for all you do and your thoughts. IMHO my thoughts as well...in a nutshell
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All they have to do is form a committee and take a few days off. Come back and ammend the HCL law to be enforced AFTER the rate change (RV needs to happen 1st ) Take a few days off AGAIN and RV. Since everything they do is sCRAMBLED.. That's the only way it will fly in the Iraqi mindset.
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This article adds even more credence that come 1/1/24, USD will not be used by the citizens in Iraq.
I'm thinking regardless of what gas stations are requiring.....the Iraqi people still need cash day to day. It doesn't register with me how they're going to do that without circulating lower denoms and a revalue.
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Only approximately 6 weeks till 2024...hard to believe.
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I would think they have to revalue before the end of the year, in order to go with their plan of no USD to be used after 1/1/24. Am I dreaming?
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GO IRAQ.......YOU CAN DO IT!!!!
Still Down
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The only "Delay" is the RV........Which needs to happen BEFORE the HCL
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Seems like this could add to the fire under the CBI
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Nechirvan Barzani and Qais Khazali support resolving problems between Erbil and Baghdad “through dialogue” - 1/13/2024
in Iraq & Dinar Related News
Posted
Maybe the two of them can get together long enough to RV and get to the bank.