The Joint Stock Commercial Bank for Foreign Trade of Viet Nam, Vietcombank, on October 22 signed a contract with Credit Suisse and the Viet Nam International Law Firm (VILAF) for a new equity issue.

Under the contract, Credit Suisse will act as the finance consultant for the bank while VILAF will be responsible for legal aspect.

According to the bank, the equity issue aims to help the bank raise capital and prepare for the implementation of BASEL II, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision, from the beginning of 2016.

Leaders of parties at the signing ceremony. (Source: VNA)

Pham Quang Dung, Vietcombank General Director, said the issuance will help Vietcombank keep pace with the economy’s strong growth as well as maintain its leading position in the banking system.

Helman Sitohang, General Director of Asia-Pacific Credit Suisse, said the cooperation is an important landmark for Vietcombank and a contribution to the capital market development in Vietnam.

Credit Suisse has operated in Viet Nam since 2001 and has become the biggest foreign capital broker in Viet Nam with a brokerage value reaching over 6 billion USD so far.

(Source: VNA)