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Vietnam's PG Bank to increase charter capital by 165B dong

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Vietnam's PG Bank to increase charter capital by 165B dong

Petrolimex Group Commercial Joint Stock Bank, or PG Bank, obtained approval from the State Bank of Vietnam to raise its charter capital by 165 billion dong to 3.165 trillion dong from 3 trillion dong, Viet Nam News reported Feb. 6, citing the bank.

The bank will raise its charter capital through the issuance of 16.5 million shares, corresponding to an exercise ratio of 5.5%.

PG Bank said it will allocate 65 billion dong of the additional capital to invest in infrastructure and modernize banking technology, while 100 billion dong will be used to expand the scale of its lending.

As of Feb. 6, US$1 was equivalent to 22,714 Vietnamese dong.