The State Bank of Vietnam (SBV) issued Document No. 2485/NHNN-TTGSNH on April 18th, 2018 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 9,809,999,790,000 (Nine thousand eight hundred zero nine billion, nine hundred ninety nine million, seven hundred ninety thousand dongs) to VND 10,009,999,790,000 (Ten thousand and nine billion, nine hundred ninety nine million, seven hundred and 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. 31/2017/NQ-ĐHĐCĐ dated November 10th, 2017 and approved by the Board of Directors in Decision No. 238c/2017/QĐ-HĐQT dated December 11th, 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