On September 16, 2022, the State Bank of Vietnam (SBV) - Ho Chi Minh City Branch issued Document No. 2577/HCM-TTr2 allowing the Bank of India – Ho Chi Minh City Branch (BOI HCM) to increase its contributed capital.
Accordingly, the SBV - Ho Chi Minh City Branch has approved of BOI HCM's request to increase its contributed capital by the amount of USD 5,000,000 (Five million United States dollars) from its parent bank (Bank of India) in order to increase BOI HCM’s total contributed capital to USD 20,500,000 (Twenty million five hundred thousand United States dollars).
BOI HCM is responsible for developing a reasonable business plan; taking appropriate and strict measures to implement and control the credit growth; diversifying customers; scaling up operations; ensuring safe and effective operations in accordance with the principles, purposes, requirements and targets approved by the SBV; Ensuring the legality and legitimacy of the funding source(s) and the compliance with the applicable laws.
Within a maximum of 15 working days from the completion date of the increase of the contributed capital, BOI HCM shall have to submit a written request to the SBV for revising the contributed capital substance in its License in accordance with the applicable laws (the report on the implementation results of the increase in the contributed capital and request for the amendment and supplementation of the License according to the newly contributed capital level; the documents proving that the capital increase has been completed).
The Document will cease to be valid if BOI HCM does not complete the above-mentioned increase of the contributed capital within six (06) months from the date of its signing.
LK