The State Bank of Vietnam (SBV) issued Document No. 8412/NHNN-TTGSNH on October 20th, 2017 allowing the Ho Chi Minh Development Joint Stock Commercial Bank (HDBank) to increase its charter capital.
Accordingly, the SBV permitted the HDBank to increase its charter capital from VND 8,100,000,000,000 (Eight thousand one hundred billion dongs) to VND 8,828.999,810,000 (Eight thousand, eight hundred, twenty-eight billion, nine hundred and ninety nine million, eight hundred and ten thousand dongs) in the form of issuing shares to pay dividends from undistributed profits and issuing bonus shares from the supplementary reserve fund approved by the General Meeting of Shareholders in Resolution No.05/2017/NQ-DHDCD dated April 21st, 2017.
HDBank is responsible for complying with applicable laws, including compliance with regulation on the ratio of owning shares of shareholders in line with Law on Credit Institutions and SBV’s guidance after recapitalization. After completion of all the recapitalization procedures, HDBank 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 HDBank 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.
VA