On November 10, 2021, the State Bank of Vietnam (SBV) issued Document No. 7997/NHNN-TTGSNH accepting the request of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to increase its charter capital.
Accordingly, the SBV has approved of Vietcombank's request to increase its charter capital from VND 37,088,774,480,000 to the maximum amount of VND 47,325,276,230,000 through the means of issuing additional shares to pay dividends from the remaining after-tax profits in 2019, after having set aside the provisioning funds and the 8% cash dividend payment to Vietcombank's shareholders (in line with Document No. 36356/VCB-CLTG&TKTH dated October 26, 2021), which was adopted by the General Shareholders’ Meeting of Vietcombank in Resolution No. 14/TN2021/NQ-DHĐCD dated April 23, 2021, and was endorsed by Vietcombank's Board of Directors in Resolution No. 537/NQ-VCB-HDQT dated October 22, 2021.
The Document also clearly specifies that Vietcombank must conduct the charter capital increase in conformity with the applicable laws.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, Vietcombank is requested to implement the procedures for revising its License as prescribed for in Paragraph 4 of Article 11 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 issued by the SBV Governor 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.
LK