The Extraordinary General Meeting of shareholders of the Vietnam Construction Bank (VNCB) was organized in the province of Long An on January 31, 2015 to publicize the independent auditing results of the financial condition, the real value and the charter capital of VNCB as well as discuss the recapitalization plan in line with law. At the meeting, all shareholders decided not to approve the recapitalization plan in order to maintain the real value of the minimum charter capital equal to the legal capital.
Pursuant to the Law on Credit Institutions, Decision No. 48/2013/QD-TTg of the Prime Minister dated August 1, 2013 on the capital contribution, mandatory acquisition of the stakes of credit institution under special control and Resolution of General Meeting of Shareholders of VNCB, the State Bank of Vietnam (SBV) announced a mandatory acquisition of all stakes of VNCB at the price of VND 0 per share. Accordingly, the SBV has become the new owner (100% of VNBC’s charter capital), terminating entire rights, interests and shareholder status of all VNCB shareholders.
Under the SBV’s ownership of the charter capital and Vietcombank’s participation in management, VNCB has more favorable conditions for the successful implementation of the approved restructuring plan and business development. At the same time, the legitimate rights and interests of depositors at VNCB will continue to be guaranteed in accordance with law.
DH