Pursuant to Paragraph 4, Article 37 of the 2024 Law on Credit Institutions (Law No. 32/2024/QH15) of Vietnam, and based on Document No. BOIHCMC250228-01 dated February 28, 2025 with its enclosed documents, the State Bank of Vietnam (SBV) - Regional Branch No. 2 has issued the following feedbacks:
The Bank of India – Ho Chi Minh City Branch (BOI HCM) is allowed to increase its contributed capital by an additional amount of USD 5,000,000 (Five million US Dollars), to be contributed by its parent bank in India. This capital increase shall raise the total contributed capital of the BOI HCM from the current USD 20,500,000 (Twenty million five hundred thousand US Dollars) to USD 25,500,000 (Twenty-five million five hundred thousand US Dollars).
The BOI HCM is responsible for:
Notifying its parent bank of the SBV’s permission of the contributed capital increase as stated in Point 1 of this Document to proceed with the capital allocation procedures in accordance with the legal regulations.
Ensuring that the capital provided by its parent bank is legal and legitimate.
Within 15 days from the completion of the contributed capital increase, the BOI HCM shall submit to the SBV a written request for the modification of the substance of the contributed capital as stated in its License in accordance with the laws (including a report on the results of the capital increase, a request for the modification of the substance of the contributed capital in its License, and all relevant documents proving the completion of the capital increase).
Developing a sound plan aligned with the objectives and purposes for the capital use as submitted to the SBV Regional Branch No.2 to ensure efficient capital use; implementing appropriate credit growth measures to ensure safe and effective operations.
This Document is valid within 6 months from the date of its signing. The validity of this Document shall be terminated in case the capital increase is not completed within this period.
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