On June 28, 2024, the State Bank of Vietnam (SBV) issued Document No. 5373/NHNN-TTGSNH allowing the Southeast Asia Commercial Joint Stock Bank (SeABank) to increase its charter capital.
Accordingly, the SBV has approved of SeABank's request to increase its charter capital by the maximum amount of VND 3,843,000,000,000 (Three thousand eight hundred forty-three billion Vietnamese Dongs) in line with the recapitalization plan adopted by the General Shareholders’ Meeting of SeABank, through the following means: (i) issuance of additional shares to pay dividends with a maximum amount of VND 3,290,000,000,000 (Three thousand two hundred ninety billion Vietnamese Dongs); (ii) issuance of additional shares to increase the equity capital with the maximum amount of VND 103,000,000,000 (One hundred oh three billion Vietnamese Dongs); and (iii) issuance of new shares to its employees based on an optional program with the maximum amount of VND 450,000,000,000 (Four hundred fifty billion Vietnamese Dongs).
In the same Document, SeABank is requested to implement the charter capital increase in line with the applicable laws, including the regulations on the limits of share ownership applied to shareholders, shareholders and their related persons, as stipulated in the Law on Credit Institutions (as amended and supplemented), and the SBV’s guiding documents after the recapitalization. SeABank is only permitted to increase its charter capital in line with the above mentioned approval after having complied with the applicable laws. It is further requested that SeABank notify in writing all investors purchasing its shares to comply with the shareholders’ obligations in line with Articles 54 and 55 of the Law on Credit Institutions, 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 the commercial banks and the foreign bank branches, as well as other relevant legal documents.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, SeABank is requested to implement the procedures for amending and supplementing its License as stated in Paragraph 4, Article 11 and Paragraph 2, Article 12 of Circular No. 50/2018/TT-NHNN.
This Document is valid within 12 months from the date of its signing.
Le Hang