On October 10, 2022, the State Bank of Vietnam (SBV) issued Document No. 7102/NHNN-TTGSNH allowing Saigon-Hanoi Joint Stock Commercial Bank (SHB) to increase its charter capital.
Accordingly, the SBV has approved of the SHB's request to increase its charter capital by the maximum amount of VND 9,785,257,630,000 through the means of: (i) issuing additional shares with the maximum amount of VND 4,000,310,410,000 to pay dividends from the after-tax profits, after having set aside the provisioning funds for 2021; (ii) issuing additional shares with the maximum amount of VND 5,333,747,220,000 to the existing shareholders; (iii) issuing new shares with the maximum amount of VND 451,200,000,000 to the SHB’s employees based on an optional program, which had been adopted by the SHB General Shareholders’ Meeting at its Resolution No. 01/NQ-DHDCD dated April 20, 2022.
The SHB is requested to implement 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 SHB shall implement the procedures for amending and supplementing its License as stated 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 and foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang