The State Bank of Vietnam (SBV) issued Document No.4676/NHNN-TTGSNH on June 21, 2018 to allow Vietnam Technological and Commercial Joint Stock Bank (Techcombank) to increase its charter capital from VND 11,655,307,200,000 to VND 34,965,921,600,000 under its Plan on recapitalization approved by the General Shareholders’ Annual Meeting.
Techcombank is responsible for implementing the recapitalization in line with the applicable laws, including the compliance with the limitations on share ownership by its shareholders in accordance with the Law on Credit Institutions and the SBV’s guidance. In addition, Techcombank is required to make profit distributions and dividend payment in 2017 in accordance with the SBV’s directions.
Techcombank shall submit the necessary documents requesting for the revision of its charter capital in the License to the SBV upon completion of the recapitalization.
This Document has a validity of 12 months from the date of signature. The Document will cease to be effective in case that the recapitalization plan of Techcombank is not implemented as scheduled, or in case that its General Shareholders’ Meeting adopts a new change of the recapitalization plan, which has already been approved by the SBV.
Le Hang