On October 2, 2020, the State Bank of Vietnam (SBV) issued Document No. 7241/NHNN-TTGSNH approving an increase in the charter capital of the Orient Commercial Joint Stock Bank (OCB).
Accordingly, the SBV has agreed for the OCB to raise its charter capital from VND 8,767,250,750,000 to VND 10,959,063,430,000 in line with the Plan to increase the charter capital which was adopted in Resolution No. 02/2020/NQ-DHDCD dated June 30, 2020, and was later approved by the Board of Directors of the OCB in Resolution No. 45/2020/NQ-HDQT dated September 15, 2020.
Document No. 7241 also requires the OCB to increase its charter capital in accordance with the law, including compliance with the regulations on the shareholders' ownership limits as stipulated in the Law on Credit Institutions and other guiding documents of the SBV after having completed the charter capital increase.
The OCB shall only be allowed to issue shares to pay dividends in line with the applicable laws.
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 shall implement the procedures for amending and supplementing its License as stated 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 for 12 months from the date of its signing.
Le Hang