The State Bank of Vietnam (SBV) issued Document No. 7364/NHNN-TTGSNH on September 28 to allow the Standard Chartered Bank (Vietnam) Ltd. to increase its charter capital from VND 3,000,000,000,000 to VND 3,080,404,283,700 under its recapitalization plan approved by the Owner in Resolution dated March 31, 2015 and the Board of Members in Resolution No. VN-0094 dated March 27, 2015.
Standard Chartered Bank (Vietnam) Ltd. is responsible for formulating lending plan and controlling credit growth in line with the approved target by the SBV; implementing the recapitalization in accordance with applicable law. After completion of all the recapitalization procedures, Standard Chartered Bank (Vietnam) Ltd. is required to submit the documents on revising its charter capital to the SBV.
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 Standard Chartered Bank (Vietnam) Ltd. is not implemented as scheduled.
LH