Techcombank Plans To Provide Six Million ESOP Shares For Staff

At least six million shares under the employee stock ownership plan (ESOP) for foreign and Vietnamese employees will be issued by Techcombank.

September 07, 2021 | 08:37

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Techcombank Plans To Provide Six Million ESOP Shares For Staff

Photo: VIR

Techcombank (HSX: TCB) announced that it plans to issue more than six million shares, including over 700,000 shares for foreign employees and more than 5.3 million shares for Vietnamese employees, under the ESOP.

The ratio of issued shares to total outstanding shares is 0.1714 percent. Under the ESOP mechanism, the par value of shares amounts to VND10,000 (43 US cents).

ESOP shares are restricted from being transferred for one year.

Last November, Techcombank also issued more than 4.7 million ESOP stocks.

On June 7, Techcombank notified the Vietnam Securities Depository (VSD) and the Ho Chi Minh CityStock Exchange (HSX) to lock the maximum foreign ownership limit at 22.4908 percent. This is also the current foreign ownership ratio of the bank.

Techcombank is one of the few local banks issuing ESOP for foreign employees.

This year, the bank continues to pay no dividends for 2020 in order to conserve capital for further business activities.

In the first half of 2021, Techcombank reported achieving US$ 500 million in its pre-tax profits against the full-year target of nearly US$ 870 million. Particularly, the bank’s call deposit volume with low mobilization cost soared more than 55 percent on-year.

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