On May 8, 2023, the State Bank of Vietnam (SBV) issued Document No. 3822/NHNN-TTGSNH approving of the request of the Asia Commercial Joint Stock Bank (ACB) to increase its charter capital. This Document is valid within 12 months from the date of its signing.
Accordingly,, the SBV Governor has approved of the ACB's request to increase its charter capital by the maximum amount of VND 5,826,075,540,000 (five thousand eight hundred twenty-six billion, seventy-five million, five hundred forty thousand Vietnamese Dongs) by issuing additional shares to to pay dividends from the remaining after-tax profits in 2023, after having set aside fully the provisioning funds, in line with the recapitalization plan adopted by the 2024 General Shareholders’ Meeting of the ACB in its Resolution No. 1247/TCQĐ-ĐHDCD.24 dated April 4, 2024, and approved by the Board of Directors of the ACB in Resolution No. 1251/TCQD-HDQT.24 dated April 4, 2024.
The ACB 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.
The charter capital increase can only be performed after the ACB has ensured full compliance with the applicable 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 ACB 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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