After 7 years, Lotte Finance increased its charter capital 7 times, to nearly 4,200 billion VND.

The State Bank has just issued a decision to amend and supplement the License for establishment and operation of Lotte Vietnam Finance Company Limited (Lotte Finance).

Previously, in 2017, Techcombank sold 100% of its capital at Techcom Finance to Lotte Group of Korea for a transfer price of 87.5 billion won, equivalent to 1,734 billion VND, 2.89 times higher than Techcom Finance's charter capital of 600 billion VND. When Lotte acquired Techcom Finance, the company had not yet started operating but only had an investment license and capital according to the law.

In 2018, Lotte Finance was granted a new license and is 100% owned by Lotte Card Co., Ltd (under Lotte Group Korea).

As of March 10, 2020, Lotte Finance received Decision No. 392/QD-NHNN of the State Bank of Vietnam approving the proposal to increase charter capital from VND 600 billion to VND 991,157 billion.

Then, in February 2021, the State Bank of Vietnam issued Decision No. 162/QD-NHNN accepting Lotte Finance's change of charter capital from VND 991 billion to nearly VND 1,314 billion.

Lotte Finance has been present in Vietnam for 7 years.

As of January 27, 2022, Lotte Finance continued to be permitted by the State Bank to increase its charter capital to more than VND 1,836 billion.

On September 28, 2023, Lotte Finance continued to be approved by the State Bank to increase its charter capital to more than VND 2,460 billion.

And most recently, at the end of May 2024, the State Bank issued Decision No. 992/QD-NHNN allowing Lotte Finance to increase its charter capital to more than VND 4,186 billion. According to this adjusted license, Lotte Finance is allowed to carry out the activities of a consumer credit finance company in accordance with the provisions of law and the State Bank, including capital mobilization and lending activities, including installment loans and consumer loans; discounting and rediscounting negotiable instruments and other valuable papers; issuing credit cards...

Lotte Card said this is the largest capital increase since the company started doing business in Vietnam in 2018. This means Lotte Card will begin to comprehensively expand its business in the Vietnamese market after assessing that Vietnamese businesses have stabilized at a level capable of sustainable growth.

Source: https://baodautu.vn/sau-7-nam-lotte-finance-tang-von-dieu-le-gap-7-lan-len-gan-4200-ty-dong-d216395.html