On December 27, 2023, the State Bank of Vietnam (SBV) issued Document No. 9996/NHNN-TTGSNH approving of the request of the Prosperity and Growth Commercial Joint Stock Bank (PGBank) to increase its charter capital.
Accordingly, the SBV has approved of PGBank's request to increase its charter capital by the maximum amount of VND 1,200,000,000,000 (one thousand two hundred billion Vietnamese Dongs) by issuing additional shares to increase the equity capital in line with the plan of recapitalization adopted by PGBank Extraordinary General Shareholders’ Meeting in Resolution No. 08/2023/NQ-DHDCD dated October 23, 2023, and approved by PGBank’s Board of Directors in Resolution No. 144/2023/NQ-HDQT dated November 27, 2023.
PGBank 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.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, PGBank 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, foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang