On July 14, 2022, the State Bank of Vietnam (SBV) issued Document No. 4847/NHNN-TTGSNH allowing Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to contribute capital and purchase shares of OPES Insurance Joint Stock Company (OPES Insurance).
Specifically, the SBV has approved of the VPBank’s request to contribute capital and purchase shares of OPES Insurance with the maximum amount of VND 585 billion (equivalent to the ownership ratio of 87% of the charter capital of OPES Insurance), in accordance to a plan adopted by the VPBank’s Board of Directors in its Resolution No. 166/2022/NQ-HDQT dated May 24, 2022.
VPBank is responsible for implementing the procedures for contributing capital and purchasing shares of OPES Insurance in accordance with applicable laws (including regulations as stipulated in Circular No. 51/2018/TT-NHNN dated December 31, 2018 on the conditions, required documents, sequences and procedures for approval of a capital contribution and/or a share purchase by a credit institution). In the same Document, VPBank is also requested to ensure the prudent ratio and actual value of the charter capital before and at the time of the completion of the capital contribution and share purchase as approved by the SBV.
The Document will cease to be valid if VPBank does not complete the capital contribution and share purchase of OPES Insurance within 12 months from the date of its signing.
Le Hang