SBV officially approves NCB's charter capital increase to nearly VND11,800 billion

The State Bank of Vietnam has just issued a decision to amend the charter capital content in the Establishment and Operation License of the National Citizen Commercial Joint Stock Bank (NCB).

Following the successful issuing of more than 617 million shares in the offering to domestic investors, with a par value of VND10,000/share, NCB's charter capital was formally changed to officially grow from more than VND5,600 billion to almost VND11,800 billion. The issuing stopped on November 26.

In spite of a bad economy and the bank's reorganization, the charter capital increase was completed in line with the plan set out at the 2024 Annual General Meeting of Shareholders. This shows that the Board of Directors and the whole NCB team are very committed to keeping their promises to shareholders, investors, customers, and partners. Simultaneously, it indicates that NCB's execution capacity and competitiveness have improved, preparing for ambitious and innovative goals in the road to development.

This capital expansion will provide NCB with more resources to enhance business operations, facilitate technological and digital transformation, develop brand identity, and renovate and upgrade facilities. This is both the foundation for NCB's smooth restructuring in line with the Bank Restructuring Plan, which has been approved by the State Bank of Vietnam and other relevant authorities, and an important tool for the bank to keep implementing the new strategy it created with the help of a top global strategic consulting firm.

The bank restructuring process being systematically and expeditiously executed by NCB, in alignment with the approved comprehensive solution and clear roadmap, intends to resolve outstanding assets and finalize the restructuring plan by 2029, positioning itself as a reputable, robust, and efficient bank with aspirations to become a preferred institution in the market.

NCB announced its commitment to comprehensive transformation in alignment with its new strategy since the onset of 2024, aspiring to enhance the banking sector through innovative thinking and creativity. The institution aims to lead in the development of products and services grounded in advanced technology, with the objective of becoming a socially responsible bank that contributes to the sustainable development of the communities it serves. The strategy indicates that NCB will persist in augmenting its capital, with the charter capital anticipated to exceed VND 29,000 billion by 2028.

2024 is recognized as the year of NCB's ascendance, characterized by a succession of remarkable outcomes: Being the first credit institution to complete the construction and approval of the Restructuring Plan according to the "Project on restructuring the system of credit institutions associated with bad debt settlement in the period 2021-2025" according to Decision 689/QĐ-TTg of the Prime Minister and guidance of the State Bank; continuously invest in infrastructure and technology solutions to materialize many initiatives, implement highly complex digital transformation projects, sign cooperation agreements to deploy a series of solutions such as: Cloud Computing infrastructure solutions and Data Lake data platform on Google Cloud platform, Customer Relationship Management (CRM) platform, Artificial Intelligence and Machine Learning (AI/ML) platform, Decision Engine project, etc. with leading technology partners in the world as well as in the country to apply faster, more effectively new solutions, new models and new technologies; is the first bank to deploy the feature of opening bank payment accounts from the VNeID electronic identification application of the Ministry of Public Security, helping people have more simple, safe and convenient options in opening accounts and using banking services, promoting cashless payments and digital transformation according to the Government's policy.

NCB has emerged as a new hub for banking professionals, featuring a skilled and proficient senior leadership team alongside highly competitive human resource policies. The organization consistently innovates to foster a positive work environment and has been recognized for two consecutive years as one of the Best Companies to Work for in Asia 2023 - 2024. As of September 30, 2024, NCB has attained a customer base of 1.24 million, representing 160% of the annual target and an increase of 24.22% relative to the end of 2023.

From more than VND 96,200 billion to about VND 108,900 billion, NCB's total assets as of September 30, 2024 rose 13.1% from December 31, 2023. NCB has thus exceeded the yearly plan for total assets and capital mobilization and completed 100% of the customer lending plan, compared to the aim agreed upon last April by the 2024 Annual General Meeting of Shareholders.