The State Bank of Vietnam (SBV) issued Document No. 5420/NHNN-TTGSNH on July 17 to allow the Sai Gon – Ha Noi Joint- Stock Commercial Bank (SHB) to increase its charter capital.
Accordingly, the SHB is allowed to increase its charter capital from VND 8,865,795,470,000 to VND 9,486,053,820,000 through share issuance in line with the recapitalization plan approved by General Shareholders’ Meeting of the SHB.
The Board of the SHB is required to implement its recapitalization plan in accordance with law; to closely monitor the implementation of recapitalization in order to timely adjust credit growth in line with common credit growth target set by the SBV. After completion of all the recapitalization procedures, SHB is required to submit the documents on revising its charter capital to the SBV.
The Document takes effect within 12 months from the date of signing. The Document will cease to be effective in case that the recapitalization plan of the SHB is not implemented as scheduled, and that its General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.
MH