ABBank seeks to hike capital through rights issuances of shares

ABBank plans to increase its charter capital by 65 percent to VND9.4 trillion ($407 million) through rights issuances of shares to existing shareholders.

There will be two issuances, one each in the second and third quarters of this year, the Hanoi-based lender said in a plan it outlined to shareholders.

The bank, established in 1993, plans to use the money raised for expansion and ensuring capital adequacy.

It targets increasing pre-tax profits by 44 percent this year to VND1.97 trillion. It achieved 10 percent profit growth last year.