The State Bank of Vietnam (SBV) issued Document No.8276/NHNN-TTGSNH on October 28, 2016 to revise the charter capital as written in the License of the establishment and operation of Ho Chi Minh City Branch of The Siam Commercial Bank Public Company Limited (Siam HCM).
Accordingly, the SBV Governor allowed Siam HCM to increase its charter capital from USD 25,000,000 to USD 70,470,717.
Siam HCM is responsible for (i) implementing recapitalization in accordance with applicable law. (ii) After completing all the recapitalization procedures, Siam HCM is required to submit the documents on revising its charter capital to the SBV (including: The report by the Siam HCM General Director regarding the implementation of the aforesaid legal procedures and the request for the SBV’s approval of the charter capital change as defined in the license; The documents proving the charter capital increase being completed); (iii) The Document takes effect within 12 months from the date of signing.
The Document will cease to be effective in the case of the recapitalization plan of Siam HCM not being implemented as scheduled.
Giang Nguyen