On October 7, 2020, the State Bank of Vietnam (SBV) - Ho Chi Minh City Branch issued Document No. 2891/HCM-TTr2 approving an increase of the charter capital of the Bank of India - Ho Chi Minh City Branch (BOI HCM).
Accordingly, the SBV - Ho Chi Minh City Branch has approved an increase of the BOI HCM’s charter capital from 15,000,000 USD (fifteen million US dollars) to 15,500,000 USD (fifteen million five hundred thousand US dollars), with the additional capital of 500,000 USD (five hundred thousand US dollars) granted by the parent bank (the Bank of India).
The Document also clearly states that the BOI HCM is responsible for developing a sound business plan, taking measures to implement and control the credit growth appropriately and under strict supervision, diversifying its clientele, expanding the scale of operations, while ensuring safe and effective operations in accordance with the policies, objectives, requirements and targets approved by the SBV; ensuring that the allocated capital is legal, relevant and in accordance with the applicable laws.
Within 15 working days from the date of completion of the recapitalization, the BOI HCM shall submit to the SBV a written request for amendment of the charter capital as stated in the Bank’s License issued by the SBV in accordance with the regulations.
The Document is valid for a duration of 06 months from the date of signing. The Document will cease to be valid in case that the recapitalization plan of the BOI HCM is not implemented as scheduled. In addition, this Document shall replace Document No. 2594/HCM-TTr2 dated September 9, 2020 issued by the SBV - Ho Chi Minh City Branch on the charter capital increase of the BOI HCM.
VA