On November 29th, 2018, the State Bank of Vietnam (SBV) issued Document No. 9108/NHNN-TTGSNH approving the increase of the Southeast Asia Commercial Joint Stock Bank (SeABank)’s charter capital.
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Accordingly, the SBV Governor approved the increase of the Bank’s charter capital from VND 5,465,825,890,000 to VND 7,688,000,000,000 under a plan to increase the charter capital, which has been approved by the General Shareholders’ Meeting of SeABank as stipulated in Resolution No. 08 dated April 11th, 2018 and approved by the Board of Directors of SeABank in Resolution No. 1053/2018/NQ-HDQT dated September 20th, 2018.
SeABank is responsible for carrying out the charter capital increase in compliance with the applicable laws, including compliance with the shareholding limits of shareholders in accordance with the Law on Credit Institutions and the guiding documents of the SBV after the capital increase. In case of any shareholders who are frequently involved in buying shares and to become major shareholders, SeABank is responsible for requesting the SBV’s approval in accordance with the provisions of the Law on Credit Institutions; Making dividend payments in accordance with the guidance of the SBV.
Along with that, the investors should observe the shareholders’ obligations and responsibilities in accordance with the provisions of the Law on Credit Institutions.
Upon completion of all recapitalization procedures, SeABank is required to submit the documents for revising its charter capital in its License to the SBV (via the Banking Supervision Agency).
The Document shall be valid within 12 months from the date of signing. The Document will cease to be valid in case that the recapitalization plan of SeABank is not implemented as scheduled, or that its General Shareholders’ Meeting adopts a change in the recapitalization plan which has already been approved by the SBV.
VA