The State Bank of Vietnam (SBV) issued Document No.3836/NHNN-TTGSNH dated May 28, 2018 on revising the charter capital of the Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Accordingly, the SBV Governor allowed VPBank to increase its charter capital from VND 15,706,230,150,000 to VND 25,299,868,790,000 under its recapitalization plan approved by the General Shareholders’ Annual Meeting in Resolution No. 01/2018/NQ-ĐHĐCĐ-VPBank dated March 19, 2018 and in Resolution approved by the VPBank’s Board of Directors on April 20, 2018.
VPBank’s Board of Directors is responsible for the recapitalization in accordance with applicable law; After the completion of procedures for the recapitalization, VPBank is required to submit to SBV dossiers of requesting the revision of the charter capital in its License.
The Document takes effect within 12 months from the date of signing. It will cease to be effective in case that the recapitalization plans of the VPBank is not implemented as scheduled, or that its General Shareholders’ Meeting adopts the changes of the recapitalization plan which has already been approved by the SBV.