On April 19, 2022, the State Bank of Vietnam (SBV) issued Document No. 2377/NHNN-TTGSNH allowing Vietnam International Commercial Joint Stock Bank (VIB) to increase its charter capital.
Accordingly, the SBV has approved of the VIB's request to increase its charter capital by the maximum amount of VND 5,545,300,480,000 through the means of: (i) issuing bonus shares to the existing shareholders with the total value of VND 5,436,000,480,000, of which VND 231,887,000,000 is from the reserve fund for recapitalization, and VND 5,204,113,480,000 is from the undistributed after-tax profits; (ii) issuing bonus shares to the Bank’s employees with the total amount of VND 109,300,000,000 from the undistributed after-tax profits in line with the plan of recapitalization as adopted by the VIB General Shareholders’ Meeting and approved by the VIB Board of Directors.
The VIB is also required to implement the recapitalization in compliance with 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, the VIB 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