On February 3, 2021, the State Bank of Vietnam (SBV) issued Document No. 783/NHNN-TTGSNH on the recapitalization of Sai Gon Commercial Joint Stock Bank (SCB).
Accordingly, the SBV has permitted the SCB to increase its charter capital by the maximum amount of VND 5 trillion, from the current VND 15,231,688,100,000 (fifteen thousand two hundred thirty-one billion, six hundred eighty-eight million, one hundred thousand Vietnamese Dongs) through the means of issuing additional shares to the existing shareholders in line with the SCB's Recapitalization Plan, which had been adopted by the 2020 SCB Extraordinary General Shareholders’ Meeting at Resolution No. 623/NQ-DHDCD.20.00 dated December 7, 2020 in order to enhance the financial capability in line with the SCB's Scheme of restructuring in association with the NPL resolution for the period of 2019-2020, vision to 2030.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, the SCB is required to implement the procedures for amending and supplementing its License as stated in Paragraph 2, Article 12 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang