On August 8, 2022, the State Bank of Vietnam (SBV) issued Document No. 5458/NHNN-TTGSNH allowing Ho Chi Minh City Development Commercial Joint Stock Bank (HDBank) to increase its charter capital.
Accordingly, the SBV has approved of HDBank's request to increase its charter capital by the maximum amount of VND 5,030,522,800,000 from the accumulated undistributed after-tax profits, based on the Plan of Recapitalization of HDBank, which was adopted by its General Shareholders’ Meeting at Resolutions No. 05/2022/DHDCD dated April 26, 2022, No. 06/2022/NQ-DHDCD dated April 26, 2022, and approved by its Board of Directors at Resolution No. 12/2022/NQ-HDQT dated July 18, 2022.
HDBank is required to implement the recapitalization in line with the applicable laws; HDBank is only allowed to issue the new shares to pay dividends after having complied with the current applicable laws.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, HDBank is required to implement the procedures for amending and supplementing its License as stated in Paragraph 4, Article 11 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang