On July 4th, 2019, the State Bank of Vietnam (SBV) issued Document No. 5171/NHNN-TTGSNH approving the increase of the charter capital of the Asia Commercial Joint Stock Bank (ACB).
Accordingly, the SBV approved an increase of the ACB’s charter capital from VND 12,885,877,380,000 (Twelve thousand eight hundred and eighty five billion, eight hundred and seventy seven million, three hundred and eighty thousand Vietnamese dongs) to VND 16,627,327,770,000 (Sixteen thousand six hundred and twenty seven billion, three hundred and twenty seven million, seven hundred and seventy Vietnamese dongs) under a plan to increase the charter capital which was adopted by the General Shareholders’ Meeting of the ACB as stipulated in Resolution No. 1312/TCQD-DHDCD.19 dated April 23rd, 2019 of the General Shareholders’ Meeting in 2019, and approved by the Board of Directors of the ACB in Resolution No. 1748.1/TCQD-HDQT.19 dated May 24th, 2019.
The SBV also required the ACB to increase its charter capital in accordance with the law, complying with the regulation on shareholders' ownership limits in accordance with the Law on Credit Institutions; supervise the transfer of shares of its foreign shareholders, to ensure that the ACB and its foreign shareholders comply with share ownership limits as stipulated in Decree No. 01/2014/ND-CP dated January 3rd, 2014 of the Government on foreign investors buying shares of Vietnamese credit institutions;…
Within a maximum of 10 working days from the date of completion of the issuance of the new shares in accordance with law, the ACB must implement the procedures for amendment and supplementation of the Operation License as stipulated in Paragraph 4, Article 11 of Circular No. 50/2018/TT-NHNN dated December 31st, 2018 stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches.
The Document shall be valid within 12 months from the date of signing.
VA