The State Bank of Vietnam (SBV) issued Document No. 5384/NHNN-TTGSNH on July 16 to allow the Military Joint-Stock Commercial Bank (MB) to increase its charter capital from VND 11,593,937,500,000 to VND 16,000,000,000,000 under its recapitalization plan approved by the General Shareholders’ Annual Meeting.
The SBV required the Board of Directors of the MB to implement the recapitalization in line with law; monitor and promptly adjust its plan on credit growth in accordance with the credit growth target as stipulated by the SBV. After completion of all the recapitalization procedures, MB is required to submit the documents on revising its charter capital to the SBV.
The Document takes effect within 12 months from the date of signing. The Document will cease to be effective in case that the recapitalization plan of the MB is not implemented as scheduled, and that its General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.
LH