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Wikipedia

Vietinbank

October 16, 2023

Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietnamese: Ngân hàng Thương mại Cổ phần Công thương Việt Nam), trading as Vietinbank, is a state-owned Vietnamese bank. As of 2023, it is Vietnam's second-largest bank, with VND 1,800 trillion (around $76 billion) of assets under management.[2]

Vietnam Joint Stock Commercial Bank for Industry and Trade
TypeJoint-stock company
HOSE: CTG
IndustryFinancial services
Founded1988 (1988)
HeadquartersHanoi
Area served
Vietnam
Key people
Lê Đức Thọ (chairman)
Trần Minh Bình (director)
Revenue55.775 bn VND (2011)[1]
8,392 bn VND (2011)
6,259 bn VND (2011)
OwnerState Bank of Vietnam
Websitewww.vietinbank.vn

According to the VNR500 (Top 500) ranking, Vietinbank is Vietnam's 13th largest company.[3] 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.[4]

Major customers with loans of several hundreds of millions of dollars include PetroVietnam[5] and Vietnam Electricity (EVN).[6] Vietinbank also has strategic partnerships with the International Finance Corporation and Mitsubishi UFJ Financial Group.

History Edit

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.[7] Other sources suggest that the bank was set up in 1988.[8] 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.[9]

As other major commercial state banks, Vietinbank was pressured by the government to continue lending to unprofitable state companies.[10] 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.[10]

Incombank changed its name to Vietinbank in April 2008.[8] It was listed on the Ho Chi Minh City Stock Exchange in July 2009.[8]

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.[11]

Ownership Edit

Vietinbank is majority owned by the State Bank of Vietnam. It holds 64% of the bank's shares after selling 20% to Mitsubishi UFJ Financial Group according to Bloomberg[12] and 67.4% according to estimates published by Gafin.vn.[13] Mitsubishi UFC is projected to hold 20%/ 16.1% and the International Finance Corporation 10%/ 8.4%.

Strategic partnerships Edit

The International Finance Corporation became Vietinbank's first strategic partner in October 2010, when it signed a cooperation agreement with the bank[8] and acquired 10% of its shares.[13]

Vietinbank announced its second strategic partnership with Mitsubishi UFJ Financial Group in December 2012. Mitsubishi UFJ is going to buy 20% of Vietinbank's shares for 15.5 trillion dong ($743 million).[12] Mitsubishi UFJ wants to gain a foothold in Vietnam's growing markets for retail lending and international banking transactions, while Vietinbank hopes to improve corporate governance and risk management.[12]

Alleged frauds Edit

Huynh Thi Huyen Nhu, a former Acting Head of the Dien Bien Phu Transaction Office of VietinBank, was indicted of stealing 4 trillion VND (equivalent of 230 million dollars) from 3 major banks, 9 companies and 3 individuals.[14] This was considered the biggest bank fraud in 2014.

During the trial, some lawyers believed that VietinBank, where Nhu worked for and used its credentials to the scheme, must take responsibility for the swindling case and compensate the victims in the case. However, VietinBank has denied its responsibility in the case, stating that the institutions and individuals were cheated when dealing with Nhu personally, not VietinBank.[14] Meanwhile, the bank’s computing system was only the instrument for Nhu to implement her cheating. The amount expected to be lost from this case was roughly 3200 billion VND (equivalent of 150 million dollars).[15]

Subsidiaries Edit

Independent accounting subsidiaries Edit

  • VietinBank Securities Co Ltd (76% owned by VietinBank[8]) is listed in Hanoi Securities Trading Center (CTS) and has a market capitalisation of 551.7 billion VND.[16]
  • VietinBank Leasing (100% owned by VietinBank[8])
  • VietinBank Insurance (100% owned by VietinBank[8])
  • VietinBank Aviva Life Insurance (50% owned by VietinBank[8])
  • VietinBank Asset Management Company (100% owned by VietinBank)
  • VietinBank Fund Management Company (100% owned by VietinBank)
  • VietinBank Gold and Jewellery Company (100% owned by VietinBank)
  • VietinBank Global Money Transfer Company (100% owned by VietinBank)

Non-profit making units Edit

  • VietinBank Information Technology Center (100% owned by VietinBank)
  • VietinBank Card Center (100% owned by VietinBank)
  • VietinBank Training Center (100% owned by VietinBank)

Being the founder of the following Financial Credit Institutions Edit

  • Saigon Bank for Commerce and Industry
  • Indovina Bank (the first joint-venture bank in Vietnam) (50% owned by VietinBank[8])
  • Vietnam International Leasing Company – VILC (the first financial leasing company in Vietnam)

References Edit

  1. ^ "CTG stock quote". Gafin.vn. Retrieved 27 December 2012.
  2. ^ T. L. (2023-03-02). "Top 10 ông lớn ngân hàng "so găng" độ dày vốn, quy mô tổng tài sản". Báo Đầu tư (in Vietnamese). Ministry of Planning and Investment. Retrieved 2023-07-17.
  3. ^ "VNR500". Vietnammonitor. Retrieved 27 December 2012.
  4. ^ "CTG stock quote". Bloomberg. Retrieved 27 December 2012.
  5. ^ "VietinBank lends US$253 mil. to PVEP". The Saigon Times. 12 November 2012. Retrieved 27 December 2012.
  6. ^ "VietinBank lends VND6.2 trillion to EVN". The Saigon Times. 30 November 2012. Retrieved 27 December 2012.
  7. ^ Kovsted, Rand & Tarp (2005): 12
  8. ^ a b c d e f g h i "Gafin CTG introduction". Gafin.vn. Retrieved 27 December 2012.
  9. ^ Kovsted, Rand & Tarp (2005): 140
  10. ^ a b Kovsted, Rand & Tarp (2005): 47
  11. ^ "VietinBank raises capital by nearly VND3.4 trillion". The Saigon Times. 29 December 2011. Retrieved 27 December 2012.
  12. ^ a b c "Mitsubishi UFJ to Buy Stake in VietinBank for $743 Million". Bloomberg. 27 December 2012. Retrieved 27 December 2012.
  13. ^ a b "Tokyo - Mitsubishi UFJ mua 20% cổ phần VietinBank với giá 743 triệu USD". Gafin.vn. 27 December 2012. Retrieved 27 December 2012.
  14. ^ a b "Huynh Thi Huyen Nhu makes depositors feel insecure". Vietnamnet. Retrieved January 25, 2014.
  15. ^ "Chưa rõ Huỳnh Thị Huyền Như 'đốt' 5.000 tỷ đồng thế nào". TienPhong News. Retrieved January 25, 2014.
  16. ^ "CTS stock quote". Bloomberg. Retrieved 27 December 2012.
Bibliography
  • Kovsted, Jens, Rand, John & Tarp, Finn (2005): From Monobank to Commercial Banking - Financial Sector Reforms in Vietnam. NIAS Press & ISEAS, Singapore

External links Edit

  • Conditions Of Borrowing From Vietinbank

October 16, 2023
vietinbank, vietnam, joint, stock, commercial, bank, industry, trade, vietnamese, ngân, hàng, thương, mại, cổ, phần, công, thương, việt, trading, state, owned, vietnamese, bank, 2023, vietnam, second, largest, bank, with, trillion, around, billion, assets, und. Vietnam Joint Stock Commercial Bank for Industry and Trade Vietnamese Ngan hang Thương mại Cổ phần Cong thương Việt Nam trading as Vietinbank is a state owned Vietnamese bank As of 2023 it is Vietnam s second largest bank with VND 1 800 trillion around 76 billion of assets under management 2 Vietnam Joint Stock Commercial Bank for Industry and TradeTypeJoint stock companyTraded asHOSE CTGIndustryFinancial servicesFounded1988 1988 HeadquartersHanoiArea servedVietnamKey peopleLe Đức Thọ chairman Trần Minh Binh director Revenue55 775 bn VND 2011 1 Operating income8 392 bn VND 2011 Net income6 259 bn VND 2011 OwnerState Bank of VietnamWebsitewww wbr vietinbank wbr vnAccording to the VNR500 Top 500 ranking Vietinbank is Vietnam s 13th largest company 3 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 4 Major customers with loans of several hundreds of millions of dollars include PetroVietnam 5 and Vietnam Electricity EVN 6 Vietinbank also has strategic partnerships with the International Finance Corporation and Mitsubishi UFJ Financial Group Contents 1 History 2 Ownership 3 Strategic partnerships 4 Alleged frauds 5 Subsidiaries 5 1 Independent accounting subsidiaries 5 2 Non profit making units 5 3 Being the founder of the following Financial Credit Institutions 6 References 7 External linksHistory EditThe 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 7 Other sources suggest that the bank was set up in 1988 8 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 9 As other major commercial state banks Vietinbank was pressured by the government to continue lending to unprofitable state companies 10 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 10 Incombank changed its name to Vietinbank in April 2008 8 It was listed on the Ho Chi Minh City Stock Exchange in July 2009 8 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 11 Ownership EditVietinbank is majority owned by the State Bank of Vietnam It holds 64 of the bank s shares after selling 20 to Mitsubishi UFJ Financial Group according to Bloomberg 12 and 67 4 according to estimates published by Gafin vn 13 Mitsubishi UFC is projected to hold 20 16 1 and the International Finance Corporation 10 8 4 Strategic partnerships EditThe International Finance Corporation became Vietinbank s first strategic partner in October 2010 when it signed a cooperation agreement with the bank 8 and acquired 10 of its shares 13 Vietinbank announced its second strategic partnership with Mitsubishi UFJ Financial Group in December 2012 Mitsubishi UFJ is going to buy 20 of Vietinbank s shares for 15 5 trillion dong 743 million 12 Mitsubishi UFJ wants to gain a foothold in Vietnam s growing markets for retail lending and international banking transactions while Vietinbank hopes to improve corporate governance and risk management 12 Alleged frauds EditHuynh Thi Huyen Nhu a former Acting Head of the Dien Bien Phu Transaction Office of VietinBank was indicted of stealing 4 trillion VND equivalent of 230 million dollars from 3 major banks 9 companies and 3 individuals 14 This was considered the biggest bank fraud in 2014 During the trial some lawyers believed that VietinBank where Nhu worked for and used its credentials to the scheme must take responsibility for the swindling case and compensate the victims in the case However VietinBank has denied its responsibility in the case stating that the institutions and individuals were cheated when dealing with Nhu personally not VietinBank 14 Meanwhile the bank s computing system was only the instrument for Nhu to implement her cheating The amount expected to be lost from this case was roughly 3200 billion VND equivalent of 150 million dollars 15 Subsidiaries EditIndependent accounting subsidiaries Edit VietinBank Securities Co Ltd 76 owned by VietinBank 8 is listed in Hanoi Securities Trading Center CTS and has a market capitalisation of 551 7 billion VND 16 VietinBank Leasing 100 owned by VietinBank 8 VietinBank Insurance 100 owned by VietinBank 8 VietinBank Aviva Life Insurance 50 owned by VietinBank 8 VietinBank Asset Management Company 100 owned by VietinBank VietinBank Fund Management Company 100 owned by VietinBank VietinBank Gold and Jewellery Company 100 owned by VietinBank VietinBank Global Money Transfer Company 100 owned by VietinBank Non profit making units Edit VietinBank Information Technology Center 100 owned by VietinBank VietinBank Card Center 100 owned by VietinBank VietinBank Training Center 100 owned by VietinBank Being the founder of the following Financial Credit Institutions Edit Saigon Bank for Commerce and Industry Indovina Bank the first joint venture bank in Vietnam 50 owned by VietinBank 8 Vietnam International Leasing Company VILC the first financial leasing company in Vietnam References Edit CTG stock quote Gafin vn Retrieved 27 December 2012 T L 2023 03 02 Top 10 ong lớn ngan hang so găng độ day vốn quy mo tổng tai sản Bao Đầu tư in Vietnamese Ministry of Planning and Investment Retrieved 2023 07 17 VNR500 Vietnammonitor Retrieved 27 December 2012 CTG stock quote Bloomberg Retrieved 27 December 2012 VietinBank lends US 253 mil to PVEP The Saigon Times 12 November 2012 Retrieved 27 December 2012 VietinBank lends VND6 2 trillion to EVN The Saigon Times 30 November 2012 Retrieved 27 December 2012 Kovsted Rand amp Tarp 2005 12 a b c d e f g h i Gafin CTG introduction Gafin vn Retrieved 27 December 2012 Kovsted Rand amp Tarp 2005 140 a b Kovsted Rand amp Tarp 2005 47 VietinBank raises capital by nearly VND3 4 trillion The Saigon Times 29 December 2011 Retrieved 27 December 2012 a b c Mitsubishi UFJ to Buy Stake in VietinBank for 743 Million Bloomberg 27 December 2012 Retrieved 27 December 2012 a b Tokyo Mitsubishi UFJ mua 20 cổ phần VietinBank với gia 743 triệu USD Gafin vn 27 December 2012 Retrieved 27 December 2012 a b Huynh Thi Huyen Nhu makes depositors feel insecure Vietnamnet Retrieved January 25 2014 Chưa ro Huỳnh Thị Huyền Như đốt 5 000 tỷ đồng thế nao TienPhong News Retrieved January 25 2014 CTS stock quote Bloomberg Retrieved 27 December 2012 BibliographyKovsted Jens Rand John amp Tarp Finn 2005 From Monobank to Commercial Banking Financial Sector Reforms in Vietnam NIAS Press amp ISEAS SingaporeExternal links EditConditions Of Borrowing From Vietinbank Retrieved from https en wikipedia org w index php title Vietinbank amp oldid 1178043230, wikipedia, wiki, book, books, library,

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