The State Bank of Vietnam (SBV) issued Document No. 3548/NHNN-TTGSNH on May 17th, 2018 allowing the Bank of China (Hong Kong) Limited – Ho Chi Minh City Branch (BOC HCM) to increase its charter capital.
Accordingly, the SBV permitted the BOC HCM to increase its charter capital from USD 80,000,000 (Eight millions US dollars) to USD 100,000,000 (One hundred millions US dollars).
The BOC HCM is responsible for: (i) 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; (ii) after completion of all recapitalization procedures, the BOC HCM 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 BOC HCM is not implemented as scheduled.
VA