On June 24, 2022, the State Bank of Vietnam (SBV) issued Document No. 4274/NHNN-TTGSNH allowing Vietnam Technological and Commercial Joint Stock Bank (TCB) to increase its charter capital.
Accordingly, the SBV has approved of the TCB's request to increase its charter capital by the maximum amount of VND 63,237,160,000 (sixty-three billion, two hundred thirty-seven million, one hundred sixty thousand Vietnamese Dongs) through the form of issuing new shares to its employees based on an optional program, which had been adopted by the TCB General Shareholders’ Meeting at its Resolution dated April 23, 2022.
The TCB is required to implement the recapitalization in line with the applicable laws; notify in writing all investors purchasing the TCB’s shares to implement the shareholders’ obligations in line with Articles 54 and 55 of the 2010 Law on Credit Institutions (as amended and supplemented), 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, and other relevant legal documents.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, the TCB 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.
Le Hang