On June 25, 2024, the State Bank of Vietnam (SBV) issued Document No. 5229/NHNN-TTGSNH allowing the Maritime Commercial Joint Stock Bank (MSB) to increase its charter capital.
Accordingly, the SBV has approved of the MSB's request to increase its charter capital by the maximum amount of VND 6,000,000,000,000 (six thousand billion Vietnamese Dongs) by issuing additional shares to pay dividends to the existing shareholders from the undistributed profits, after having set aside the provisioning funds as required in the applicable regulations, in line with the MSB’s Recapitalization Plan, which had been adopted by the General Shareholders’ Meeting of the MSB at Resolution No. 32/NQ-DHDCD dated April 23, 2024, and approved by the MSB’s Board of Directors at Resolution No. 12.01/2024/NQ-HDQT dated June 5, 2024.
The MSB is also requested to implement the recapitalization plan in compliance with the applicable 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 MSB shall implement the procedures for amending and supplementing its License as stated in Paragraph 4 of Article 11 of Circular No. 50/2018/TT-NHNN dated December 31, 2018 (as amended and supplemented) stipulating the dossiers, sequences and procedures for requesting approval of a number of revised substances by the commercial banks and the foreign bank branches.
This Document is valid within 12 months from the date of its signing.
Le Hang