On March 13, 2020, the State Bank of Vietnam (SBV) issued Document No. 1660/NHNN-TTGSNH approving the increase of the charter capital of the Orient Commercial Joint Stock Bank (OCB).
Accordingly, the SBV has approved the OCB to increase its charter capital from VND 7,898,570,750,000 (Seven thousand eight hundred and ninety eight billion, five hundred and seventy million, seven hundred and fifty thousand Vietnamese dongs) to VND 8,767,250,750,000 (Eight thousand seven hundred and sixty seven billion, two hundred and fifty million, seven hundred and fifty thousand Vietnamese dongs) through the private placement of shares to foreign investors.
The SBV also required the OCB to increase its charter capital in accordance with the law; Within a maximum of 10 working days from the date of completion of the issuance of the new shares in accordance with law, the OCB must implement the procedures for amendment and supplementation of its 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 its signing.
VA