On January 31, 2019, the State Bank of Vietnam (SBV) issued Document No. 462/NHNN-TTGSNH approving the 2nd increase of the charter capital of the Military Commercial Joint Stock Bank (MBBank) in 2019.
Accordingly, the SBV approved an increase of the MBBank’s charter capital from VND 23,727,322,800,000 (twenty-three thousand seven hundred and twenty-seven billion, three hundred twenty-two million, eight hundred thousand Vietnamese dongs) to VND 24,417,322,800,000 (twenty-four thousand four hundred and seventeen billion, three hundred twenty-two million, eight hundred thousand Vietnamese dongs) at the request of MBBank in Official Letter No. 1385/TTr-MB-HDQT dated December 13, 2019 and the attached dossiers.
The SBV also required MBBank to increase its charter capital in accordance with the law, complying with the regulation on the ownership limits of shareholders as well as related persons of these shareholders in accordance with the 2010 Law on Credit Institutions (as amended and supplemented in 2017) and the SBV's guiding documents after raising its capital; fully complying with the legal provisions on securities related to the private placement of stocks.
MBBank is responsible for notifying the organizations and individuals purchasing MBBank's shares to fulfill the shareholders’ obligations in accordance with Article 54 of the 2010 Law on Credit Institutions (as amended and supplemented in 2017) and Point a (ii), Paragraph 1 of Article 12 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches. In which, it should be noted that any shareholder must: be responsible before the law for the legality of their capital contribution, purchase, receipt of transfer of shares at the credit institution; not use any capital provided by a credit institution or a foreign bank’s branch to buy, receive shares of a credit institution; not contribute capital, buy shares of a credit institution in the name of another individual or another legal entity in any form, except for cases of entrustment as prescribed by law; Shareholders entrusted by any organization and/or individual must provide the credit institution with information about the true owner of the shares, which they are entrusted to invest in the credit institution. The credit institution retains the right to suspend the shareholder’s rights of these shareholders in case they are found to have provided false information about the true owner of the shares.
Within a maximum of 10 working days from the date of completion of the issuance of the new shares in accordance with law, MBBank must implement the procedures for amendment and supplementation of its Operation License as stipulated in Paragraph 2, Article 12 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches.
The Document shall be valid within 12 months from the date of signing.
VA