On May 25, 2022, the State Bank of Vietnam (SBV) issued Document No. 3479/NHNN-TTGSNH allowing the Orient Commercial Joint Stock Bank (OCB) to increase its charter capital.
Accordingly, the SBV has approved of the OCB's request to increase its charter capital by the maximum amount of VND 58,823,410,000 (fifty-eight billion, eight hundred twenty-three million, four hundred ten thousand Vietnamese Dongs), of which a maximum amount of VND 50 billion may be generated through the issuance of additional shares in an optional program for the current employees of the OCB, and a maximum amount of VND 8,823,410,000 (eight billion, eight hundred twenty-three million, four hundred ten thousand Vietnamese Dongs) may be generated through the private placements of shares to a foreign investor (Aozora Bank), in line with the OCB’s Recapitalization Plan, which had been adopted by the OCB General Shareholders’ Meeting at Resolution No. 01/2021/NQ-DHDCD dated April 28, 2021, and approved by the OCB’s Board of Directors at Resolution No. 03/2022/NQ-HDQT dated January 11, 2022.
In the same mentioned-above Document, the SBV has allowed Aozora Bank, which is currently a large shareholder of the OCB, to purchase additional shares of the OCB in accordance with the Plan on Private Placements of Shares, which had been adopted by the OCB General Shareholders’ Meeting at Resolution No. 01/2021/NQ-DHDCD dated April 28, 2021, and approved by the OCB’s Board of Directors at Resolution No. 03/2022/NQ-HDQT dated January 11, 2022.
The OCB is required to implement the issuance of additional shares and the recapitalization in line 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 OCB 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