The State Bank of Vietnam (SBV) issued Document No.1104/NHNN-TTGSNH on February 22 to allow the Standard Chartered Bank (Vietnam) Ltd. to increase its charter capital from VND 3,080,404,283,700 to VND 4,215,404,283,700 under its recapitalization plan approved in Resolution dated September 28, 2017.
Standard Chartered Bank (Vietnam) Ltd. is responsible for formulating plan and controlling credit growth in line with the target approved by the SBV; implementing the recapitalization in accordance with applicable laws. After completion of all the recapitalization procedures, Standard Chartered Bank (Vietnam) Ltd. 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 Standard Chartered Bank (Vietnam) Ltd. is not completed within the permitted duration.
Le Hang