The State Bank of Vietnam (SBV) has issued Document No. 10307/NHNN-TTGSNH approving the increase of the charter capital of Nam A Commercial Joint Stock Bank (Nam A Bank).
Accordingly, the SBV has approved Nam A Bank to increase its charter capital from VND 3,890,053,280,000 (three thousand eight hundred and ninety billion, fifty three million, two hundred and eighty thousand Vietnamese dongs) to VND 5,000,000,000,000 (five trillion Vietnamese dongs) at the request of Nam A Bank in Official Note No. 516/2019/CVQT-NHNA dated December 2, 2019.
For the plan of dealing with odd-lot stocks and existing shareholders' stocks which have not been fully purchased: the SBV will consider and comment after Nam A Bank has submitted to the SBV about its specific solutions, in accordance with the provisions of the laws. In case the charter capital increase leads to the formation of a major shareholder or a major shareholder becomes a common shareholder, the written request must include the following information: the name of the shareholder, the percentage of shares owned before and expected after Nam A Bank has increased its charter capital.
The SBV also requires Nam A Bank to increase its charter capital in accordance with the laws, including compliance with the shareholding limits of the shareholders, shareholders and related persons of these shareholders in accordance with the 2010 Law on Credit Institutions (as amended and supplemented), and other guiding documents of the SBV after having completed the capital increase.
On the other hand, Nam A Bank shall also request organizations and individuals purchasing its shares to fulfill their shareholder obligations in accordance with Article 54 of the 2010 Law on Credit Institutions (as amended and supplemented in 2017), which requires shareholders to be responsible before the law for the legality of their capital contributions, share purchases, transfers, receipts at a CI; not utilizing any fund provided by a foreign CI or a foreign bank branch to purchase, receive shares of a CI; not contributing capital, buying shares of a CI under the name of another individual or a legal entity in any form, except for cases of entrustment as prescribed by law; being responsible for compliance with the provisions of the Law on Credit Institutions regarding the limits of shareholding and related persons; being responsible for compliance with other regulations on major shareholders and related persons.
The shareholders entrusted with the investments on behalf of other organizations and individuals must provide the CI with information about the true owner of the shares they are entrusted to invest in the CI. The CI has the right to suspend the shareholder rights of these shareholders in case they are found not having provided true information about the true owners of the shares.
Within a maximum of 10 working days from the date of completion of the issuance of the new shares in accordance with the laws, Nam A Bank must implement the procedures for amending and supplementing its Operation License as stipulated in Paragraph 2, Article 12 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.
The Document shall be valid within 12 months from the date of signing.
VA