The State Bank of Vietnam (SBV) issued Document No.4860/NHNN-TTGSNH on June 28, 2018 to allow the Orient Commercial Joint Stock Bank (OCB) to increase its charter capital from VND 5,000,000,000,000 to VND 6,699,463,730,000 in line with its recapitalization plan adopted by the General Shareholders’ Annual Meeting in Resolution No.01/2018/NQ-DHDCD dated March 31, 2018 and approved by the OCB’s Board of Directors in Resolution No.21/2018/NQ-HDQT dated May 4, 2018 (recapitalization for the first phase).
Illustration image
The SBV approved in principle the OCB’s recapitalization of VND 800,536,270,000 in the form of issuing separate shares to domestic and foreign investors at the request of the OCB (recapitalization for the second phase).
The OCB is responsible for implementing the recapitalization in accordance with the Law and legal regulations. The OCB shall submit the necessary documents requesting for the revision of its charter capital in the License to the SBV upon completion of the recapitalization.
The Document is valid for a duration of 12 months from the date of signing. The Document will cease to be effective in case that the recapitalization plan of the OCB is not implemented as scheduled, or that its General Shareholders’ Meeting adopts a new change in the recapitalization plan which has already been approved by the SBV.
Le Hang