The State Bank of Vietnam (SBV) issued Document No. 9240/NHNN-TTGSNH December 3 to allow Ho Chi Minh City (HCM) branch of DBS Bank Ltd. to increase its charter capital from USD 20 million to USD 70 million.
HCMC branch of DBS Bank Ltd. is responsible for implementing its recapitalization in accordance with applicable law. After completion of all the recapitalization procedures, HCMC branch of DBS Bank 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 DBS Bank Ltd. is not implemented as scheduled.
DH