The State Bank of Vietnam (SBV) issued Document No.5408/NHNN-TTGSNH dated July 11, 2017 on revising the charter capital written in the License of the LienViet Post Joint-Stock Commercial Bank (LienViet Post Bank or LPB).
Accordingly, the SBV Governor allowed LPB to increase its charter capital from VND 6,460,000,000,000 to VND 7,500,000,000,000 by issuing stocks to pay dividends to shareholders from resource of profit after tax of 2016, and to issue stocks in accordance with plan of charter capital raising approved by the General Shareholders in Resolution dated March 25, 2017 and revised in Resolution of Director Board No.403/2017/NQ-HĐQT dated June 8, 2017.
LPB is responsible for increasing charter capital in accordance with laws, including complying with the litmit of shareholding in compliance with the Law on Credit Institutions and SBV’s guidance after rising charter capital. After completing procedures of issuing stocks for the recapitalization, LPB is required to submit the amendments to the charter capital section of the License to SBV.
The Document takes effect within 12 months from the date of signing. If the recapitalization scheme approved by the SBV is not completed on time or in case the General Shareholders approved the permitted-option for increasing charter capital by the SBV, this document ceases to be effective.
Giang Nguyen