On August 03, 2022, the State Bank of Vietnam (SBV) issued Document No. 5360/NHNN-TTGSNH allowing Kien Long Commercial Joint Stock Bank (KienlongBank) to increase its charter capital.
Accordingly, the SBV has approved of KienlongBank's request to increase its charter capital by the maximum amount of VND 578,371,000,000 (Five hundred seventy-eight billion, three hundred seventy-one million Vietnamese Dongs) through the means of issuing additional shares to pay dividends for the existing shareholders from the undistributed after-tax profits, in line with the audited consolidated financial statements after setting aside all required provisioning funds in accordance with the laws, and in line with the recapitalization Plan that was adopted by the General Shareholders’ Meeting at Resolution No.01/NQ/DHDCD dated April 28, 2022, and was approved by the Board of Directors of KienlongBank in Resolution No. 33/NQ-HDQT dated July 05, 2022.
Also in the Document, KienlongBank is requested to increase its charter capital in compliance with the applicable laws. KienlongBank can only conduct its recapitalization plan after having complied with the relevant provisions of law.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, KienlongBank shall implement the procedures for amending and supplementing its License as prescribed in Paragraph 4, 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, foreign bank branches.
This Document is valid within 12 months from the date of its signing.
LK