Western Bank gets approval for listing shares on HOSE

VNStockNews.com - Governor of State Bank of Vietnam (SBV) has lately issued document No 9611/NHNN-TTGSNH approving for Western Commercial Joint Stock Bank (Western Bank) to list shares on Ho Chi Minh Stock Exchange (HOSE) in Q1-2010.

Western Bank, formerly known as Co Do Bank (Red Flag), was established in late 1988 in Can Tho City. After nearly 20 years of operation, Western Bank was approved by State Bank of Vietnam to change into urban bank in early 2007 with chartered capital of 1 trillion dong.

Western Bank is the first bank in Vietnam's banking network to apply the most advanced technologies in banking services such as Teller Cash Dispenser (TDC) system, ATM and e-banking.

In the past three years, the bank reported achieving high growth rate. In the first nine months of 2009. Western Bank gained revenue of 233 billion dong and profit of 69 billion dong.

The bank has expanded its operation network nationwide with about 60 transaction offices and branches up to now.