On May 11, 2023, the State Bank of Vietnam (SBV) issued Document No. 3491/NHNN-TTGSNH allowing the Asia Commercial Bank (ACB) to increase its charter capital.
Specifically, the SBV has approved of the ACB's request to increase its charter capital by the maximum amount of VND 5,066,152,640,000 (Five thousand sixty-six billion, one hundred fifty-two million, six hundred forty thousand Vietnamese Dongs) from the remaining undistributed profit, in line with the plan for increasing the charter capital adopted in Resolution No. 950/TCQD-DHDCD.23 dated April 13, 2023 of the General Shareholders’ Meeting of the ACB, and Resolution No. 1027/TCQD-HDQT.23 dated April 20, 2023 of the Board of Directors of the ACB.
The ACB is requested to issue the new shares in accordance with the laws, including complying with the limits on share ownership of shareholders and their related people as stated in the 2010 Law on Credit Institutions (as amended and supplemented), and the SBV's guiding documents upon having completed the charter capital increase. The ACB may only issue shares to pay dividends after it has ensured full compliance with the applicable provisions of law.
Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, the ACB shall implement the procedures for amending and supplementing its License as prescribed in Paragraph 4 of Article 11 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 issued by the SBV Governor stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by commercial banks, foreign bank branches (as amended and supplemented).
This Document is valid within 12 months from the date of its signing.
LK