VietinBank
| VietinBank | |
|---|---|
| legal form | Joint Stock Company |
| founding | 1988 |
| Seat | Hanoi |
| Number of employees | 24,197 (2018) |
| sales | $ 3.7 billion (2018) |
| Branch | Banking |
| Website | www.vietinbank.vn |
The Vietnam Joint Stock Commercial Bank for Industry and Trade ( Vietnamese : Ngân Hàng Thương Mại Cổ Phổn Công Thương Việt Nam), also VietinBank, is a Vietnamese bank based in Hanoi . It has strategic partnerships with the International Finance Corporation and Mitsubishi UFJ Financial Group , which own shares in VietinBank. The majority shares are owned by the Vietnamese Central Bank .
VietinBank plays a systemically important role in the country's economy by providing targeted loans to state-owned companies. The bank is on the Forbes Global 2000 list of the largest publicly traded companies in the world.
history
Vietnam Industrial and Commercial Bank (Incombank) was founded in 1988 by the Vietnamese Central Bank as one of the first four commercial banks after the introduction of a two-tier banking system. Loans were mainly given to large government programs in priority areas such as postal services, communications, processing and building materials, but loans were also given for non-commercial purposes such as flood relief and for poor students.
Like other large commercial state banks, it has been pressured by the government to continue lending to unprofitable state-owned companies. In December 2002, the government implemented a VND 1 trillion recapitalization that effectively doubled the bank's charter capital (up from 1.045 trillion in 2001). It was the only one of the four major state banks that was not part of the second stage of recapitalization in 2003.
Incombank changed its name to Vietinbank in April 2008. The bank was listed on the Ho Chi Minh Stock Exchange in July 2009 . In 2012 the Japanese Mitsubishi UFJ Financial Group acquired around 20% of the shares.
Individual evidence
- ↑ Vietin Bank. In: Forbes. Retrieved February 8, 2020 .
- ^ Milestones of VietinBank. Retrieved February 8, 2020 .
- ↑ Mitsubishi UFJ to Buy Stake in VietinBank for $ 743 Million. In: Bloomberg. Retrieved February 8, 2020 .