On September 7, 2021, the State Bank of Vietnam (SBV) issued Document No. 6347/NHNN-TTGSNH approving the recapitalization of Kien Long Commercial Joint Stock Bank (Kienlongbank).
Accordingly, the SBV has approved of an increase of Kienlongbank’s charter capital by maximum VND 415,864,530,000 through the issuance of additional shares to pay dividends based on Kienlongbank’s proposal in Document No. 396/NHKL dated June 4, 2021, and Resolution No. 02NQ-DHDCD dated April 29, 2021 of the General Shareholders’ Meeting of Kienlongbank.
Kienlongbank is responsible for increasing its charter capital in accordance with the applicable laws and regulations.
Within a maximum of 10 working days from the completion of the issuance of the new shares in accordance with the law, Kienlongbank has to implement the procedures for revising its License as stipulated in Paragraph 4, Article 11 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 and foreign bank branches.
The Document shall be valid within 12 months from the date of its signing.
Le Hang