The State Bank of Vietnam (SBV) issued Document No.5771/NHNN-TTGSNH on July 28, 2016 to revise charter capital written in the License of the establishment and operation of TienPhong Commercial Joint Stock Bank (TPBank).
Accordingly, the SBV Governor allowed Vietcombank to increase its charter capital from VND 5,550,000,000,000 to VND 5,842,105,000,000 under its Plan on recapitalization approved by the TPBank General Shareholders’ Annual Meeting in Resolution No. 01/2016/NQ-TPB.ĐHĐCĐ dated April 22, 2016 and by TPBank Board of Director in Resolution No. 11/2016/NQ-TPB.HHĐQT dated May 23, 2016.
In the process of increasing charter capital, TPBank is responsible: (i) to complete the recapitalization in compliance with SBV regulations and relevant laws; (ii) To adjust TPBank’s plan of credit growth in accordance with credit growth target in 2016 as directed by the SBV; (iii) to require International financial institutions (IFC) to comply with laws on rights of prefered shareholders and relevant laws; (iv) After completing the procedures of increasing charter capital, TPBank is required to submit the amendments of charter capital at the Licence to SBV.
The Document takes effect within 12 months from the date of signing. In case the recapitalization approved by the SBV is not completed on time or rejected by General Shareholders’ Annual Meeting of TPBank, this document cease to be effective.
Giang Nguyen