The State Bank of Vietnam (SBV) has issued Document No. 4808/NHNN-TTGSNH allowing Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) to increase its charter capital.
Specifically, the SBV has approved of the HDBank's request to increase its charter capital by the maximum amount of VND 3.984.418.240.000 (Three thousand nine hundred eighty-four billion, four hundred eighteen million, two hundred forty thousand Vietnamese Dongs) from the accumulated after-tax profit that has not been distributed, in line with the plan for increasing the charter capital adopted by HDBank's General Shareholders’ Meeting in Resolution No. 06/2021/NQ-DHDCD dated April 23, 2021 and by HDBank's Board of Directors in Resolution No. 10/2021/NQ-HDQT dated June 15, 2021.
In the above Document, HDBank's Board of Directors is also requested to increase its charter capital in compliance with the applicable legal regulations, including the limits on share ownership of shareholders and their related people as stated in the 2010 Law on Credit Institutions (as amended and supplemented in 2017), and the SBV's guiding documents after having completed the charter capital increase.
HDBank may only issue additional shares as dividend payment provided that it has fulfilled all requirements prescribed by the 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 shall implement the procedures for amending and supplementing its License as prescribed in Paragraph 4 of 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.
LK