On July 11, 2022, the State Bank of Vietnam (SBV) issued Document No. 4733/NHNN-TTGSNH allowing Bac A Joint Stock Commercial Bank (BAC A BANK) to contribute capital and buy shares of VIS Rating Joint Stock Company (VIS Rating).
Specifically, the SBV has agreed to BAC A BANK’s request to contribute capital and buy shares of VIS Rating by the maximum amount of VND 5,260,140,000 (Five billion, two hundred sixty million, one hundred forty thousand Vietnamese Dongs), which is equivalent to an ownership ratio of 5.1% of the charter capital of VIS Rating, in line with BAC A BANK’s plan on capital contribution and share purchase of VIS Rating adopted in Resolution No. 53/2022/NQ-HDQT dated April 21, 2022 of BAC A BANK's Board of Directors.
BAC A BANK is responsible for carrying out the procedures for the capital contribution and share purchase of VIS Rating in accordance with the laws (including regulations in Circular No. 51/2018/TT-NHNN dated December 31, 2018 of the SBV stipulating the dossiers, sequences and procedures for approving a capital contribution and share purchase of a credit institution); BAC A BANK shall also need to ensure compliance with the regulations on the prudent ratio for its operations, the actual value of its charter capital before and at the time of completion of the capital contribution and share purchase as approved by the SBV.
BAC A BANK is also reminded that VIS Rating shall comply with the provisions of Decree No. 88/2014/ND-CP dated September 26, 2014 of the Government on the credit rating services (as amended and supplemented) and other relevant provisions of law regarding the credit rating operations (including the fulfillment of business conditions before providing credit rating services).
The Document will cease to be valid if BAC A BANK does not complete the capital contribution and share purchase of VIS Rating within 12 months from the date of its signing.
LK