Vietnam Maritime Commercial Joint Stock Bank (HoSE: MSB) has announced its 2023 Annual General Meeting of Shareholders, scheduled for April 21, 2023 in Hanoi.
According to the statement, MSB’s Board of Directors has submitted a merger proposal to shareholders for approval, aiming to take advantage of the merged bank’s network, personnel, and professional activities to increase the scale of MSB’s operations and deploy its banking digitization strategy. The merger aligns with the Government’s policy to restructure the credit institution system and address bad debts.
The bank has experience in successful mergers, having merged with Mekong Development Commercial Joint Stock Bank (MDB) in 2015, acquired Textile Finance Company, and supported people’s credit funds under the direction of the State Bank of Vietnam.
MSB targets a pre-tax profit of VND 6,300 billion in 2023, an 8% increase in total assets to VND 230 trillion, a 15% increase in credit balance to reach VND 141.7 trillion, and a 10% increase in capital mobilization from market 1 and bonds raised capital to reach VND 142 trillion. The bank also aims to control its NPL ratio below 3%.
MSB’s 2023 business plan was developed with a prudent approach to maintain effective growth while ensuring capital adequacy, minimizing credit risks, and controlling bad debts. The bank plans to capture market share in the retail banking segment as its main growth driver.
MSB has no plans to pay dividends or bonus shares in 2023 due to the volatile stock market situation, negatively impacted by interest rate trends and high risk from regulatory authorities.
The bank wants to maintain its current share of equity and charter capital to create a firm buffer capital. When the market situation improves, the Board of Directors will submit an appropriate dividend/bonus share payment plan for the profit generated in 2022 to the General Meeting of Shareholders.
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Source: Vietnam Insider