The Chartered Capital of BIC increased up to VND693 billion
The increase of VND33 billion in BIC’s charter capital is a result of the issuance of 3.3 million shares under its employee securities option program (ESOP). This is the first capital increase of BIC in 2014.
It is expected that, in 2014, BIC will have 2 more capital increases, including the 2013 dividend payment in shares of 10% and selling shares to foreign strategic shareholders. After retaining the chartered capital at the amount of VND660 billion in 04 years (since the successful equalization in 2010), increasing the chartered capital is very essential for the company in order to meet requirements about capital investment in two Joint-Venture firms (LVI and CVI) and BIDV-Metlife life insurance Joint-venture firm in 2014. Besides, this increase will help BIC strengthen its financial capability to meet the strict requirement of international credit rating and attract foreign strategic investors’ attention as well. After the capital increases in 2014, BIC will join the group of insurers with charter capital of over VND1 trillion.