The Governor of the State Bank of Vietnam (SBV) issued Document No. 597/NHNN-TTGSNH on January 27 to allow the Bac A Joint-Stock Commercial Bank (Bac A Bank) to increase its charter capital from VND 3,700 billion to VND 4,400 billion under its Plan on recapitalization approved by the General Shareholders’ Meeting in Resolution 02/2014/NQ/ĐHĐCĐ-BacABank dated April 18, 2014.
Bac A Bank is responsible for complying with the legal procedures, information and report regime related to recapitalization in accordance with law. In addition, the Board of Director of the Bac A Bank is responsible for complying with the relevant regulations on selling its shares in line with Article 55 of the Law on credit institutions. After completion of all the recapitalization procedures, Bac A Bank is required to submit the documents on revising its charter capital to the SBV.
This Document is effective within 12 months from the date of signing. It will cease to be effective in case that the recapitalization plan of Bac A Bank 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.
MH