The State Bank of Vietnam (SBV) issued Document No. 9997/NHNN-TTGSNH on December 07th, 2017 allowing the Ho Chi Minh Development Joint Stock Commercial Bank (HDBank) to increase its charter capital.
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Accordingly, the SBV permitted the HDBank to increase its charter capital from 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) to VND 9,809,999,790,000 (Nine thousand eight hundred zero nine billion, nine hundred ninety nine million, seven hundred ninety thousand dongs) in the form of issuing shares to pay dividends from undistributed profits and issuing bonus shares from the supplementary reserve fund as decided by the General Shareholders’ Meeting in Resolution No. 24/2017/QD-HDQT dated October 17th, 2017 and approved by the Board of Directors in Decision No.211/2017/QD-HDQT dated November 6th, 2017.
The HDBank is responsible for carrying out the charter capital increase in compliance with applicable laws, including the compliance with the regulation on the limits on ownership of shares as stipulated in the Law on Credit Institutions and the SBV’s guiding documents after recapitalization. After completion of all recapitalization procedures, the HDBank is required to submit the documents for revising its charter capital in its License to the SBV.
The Document shall be effective 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, or that its General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.
VA