On June 5, 2023, the State Bank of Vietnam (SBV) issued Document No. 4279/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 3,772,892,100,000 (Three thousand seven hundred seventy-two billion, eight hundred ninety-two million, one hundred thousand Vietnamese Dongs) from the accumulated undistributed after-tax profits in line with HDBank’s Recapitalization Plan, which had been adopted by the General Shareholders’ Meeting of HDBank at Resolution No. 06/2023/NQ-DHDCD dated April 26, 2023, and approved by the Board of Directors of HDBank at Resolution No. 175/2023/NQ-HDQT dated May 10, 2023
In the same Document, HDBank is requested to implement the charter capital increase in line with the applicable laws, including the regulations on the limits of share ownership applied to shareholders, shareholders and their related persons, as stipulated in the Law on Credit Institutions (as amended and supplemented) and the SBV’s guiding documents after the recapitalization.
HDBank can only pay dividends after having complied 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, HDBank shall 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 and foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang