The State Bank of Vietnam (SBV) issued Document No. 733/NHNN-TTGSNH dated January 31st, 2018 allowing Petrolimex Group Commercial Joint Stock Bank (PG Bank) to increase its charter capital.
Accordingly, the SBV permitted the PGBank to increase its charter capital from VND 3,000,000,000,000 (Three trillion Vietnam Dongs) to VND 3,165,000,000,000 (Three thousand one hundred and sixty five billion Vietnam Dongs) in the form of issuing shares to pay dividends to shareholders from the undistributed earnings after tax has been approved by the General Meeting of Shareholders in Resolution No. 02/2017/NQ-DHDCD-PGB dated October 17th, 2017.
PGBank 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, PGBank is required to submit the documents on revising its charter capital to the SBV (via Banking Supervision Agency)
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 PGBank is not implemented as scheduled, and that its General Meeting of Shareholders adopts a change of the recapitalization plan which has already been approved by the SBV.
VA