On May 04, 2022, the State Bank of Vietnam (SBV) issued Document No. 2951/NHNN-TTGSNH allowing the Asia Commercial Joint Stock Bank (ACB) to increase its charter capital.
Accordingly, the SBV has approved of the ACB's request to increase its charter capital by the maximum amount of VND 6,754,870,190,000 (Six thousand seven hundred fifty-four billion, eight hundred seventy million, one hundred ninety thousand Vietnamese Dongs) from the undistributed after-tax profits according to the plan to increase charter capital approved by the ACB's General Meeting of Shareholders in Resolution No. 1513/TCQD-DHDCD.22 dated April 07, 2022, and the agreement for implementation of the ACB’s Board of Directors in Decision No. 1552/TCQD-HDQT.22 dated April 12, 2022.
The ACB is requested to implement the issuance of new shares in compliance with the applicable provisions of law. The ACB is only allowed to issue shares to pay dividends after it has ensured full compliance 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, the ACB shall implement the procedures for amending and supplementing its License as prescribed for in Paragraph 4 of 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.
This Document is valid within 12 months from the date of its signing.
LK