The State Bank of Vietnam (SBV) issued Document No. 3626/NHNN-TTGSNH on May 22 to allow the Joint- Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to increase its charter capital from VND 28,112 billion to VND 30,804 billion under its recapitalization plan approved by the General Shareholders’ Annual Meeting in Resolution No. 959/2015/NQ-ĐHĐCĐ dated April 17, 2015.
BIDV is responsible for complying with the legal procedures, information and report regime related to recapitalization in accordance with law.
The Document takes effect within 12 months from the date of signing. The Document will cease to be effective in case that the recapitalization plan of the BIDV is not implemented as scheduled, and that its General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.
DH