OCB allowed to increase charter capital

Specifically, the SBV has approved of the OCB's request to increase its charter capital by the maximum amount of VND 6,849,414,310,000 (Six thousand eight hundred forty-nine billion, four hundred fourteen million, three hundred ten thousand Vietnamese Dongs) through the means of issuing additional shares for the existing shareholders from the equity source in line with the recapitalization plan adopted by the General Shareholders’ Meeting of the OCB in its Resolution No. 01/2023/NQ-DHDCD dated April 28, 2023, and approved for implementation by the Board of Directors of the OCB in Resolution No. 39/2023/NQ-HDQT dated May 10, 2023, and Resolution No. 42/2023/NQ-HDQT dated May 16, 2023.

In the same Document, the SBV has requested the OCB to increase its charter capital in compliance with the applicable laws, including the regulations on the share ownership limits of shareholders, shareholders and their related persons, in line with the 2010 Law on Credit Institutions (as amended and supplemented), as well as other guiding documents of the SBV upon the completion of the charter capital increase.

The charter capital increase can only be implemented after the OCB has ensured full compliance with the applicable provisions of laws.

Within a maximum of 10 working days from the completion date of the issuance of the new shares in accordance with the laws, the OCB shall implement the procedures for amending and supplementing its License as prescribed for in Paragraph 4 of Article 11 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 (as amended and supplemented).

This Document is valid within 12 months from the date of its signing.

Document No. 7607/NHNN-TTGSNH dated October 31, 2022 of the SBV ceased to be effective from June 01, 2023.

LK