On May 8, 2024, the State Bank of Vietnam (SBV) issued Document No. 3845/NHNN-TTGSNH approving of the request of Vietnam International Commercial Joint Stock Bank (VIB) to increase its charter capital. This Document is valid within 12 months from the date of its signing.
Accordingly, the SBV has approved of the VIB's request to increase its charter capital by the maximum amount of VND 4,423,202,810,000 (four thousand four hundred twenty-three billion, two hundred oh two million, eight hundred ten thousand Vietnamese Dongs) through the means of: (i) issuing bonus shares to the existing shareholders with the total value of VND 4,312,572,810,000 (four thousand three hundred twelve billion, five hundred seventy-two million, eight hundred ten thousand Vietnamese Dongs), of which VND 423,051,266,429 is from the reserve fund for the recapitalization, and VND 3,889,521,543,571 is from the undistributed after-tax profits; (ii) issuing bonus shares to the Bank’s employees with the total amount of VND 110,630,000,000 (One hundred ten billion, six hundred thirty million Vietnamese Dongs) in line with the plan of recapitalization as adopted by the VIB General Shareholders’ Meeting in in its Resolution No. 1.001.24.GSM dated April 2, 2024, and approved by the Board of Directors of the VIB in its Resolution No. 017.24.BOD.2 dated April 5, 2024, and Resolution No. 017.24.BOD.3 dated April 5, 2024.
The VIB is requested to implement the charter capital increase in line with the provisions of laws and the charter capital increase can only be conducted after the VIB has ensured full compliance with the relevant provisions of 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 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.
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