The State Bank of Vietnam (SBV) issued Document No. 5833/NHNN-TTGSNH on August 2, 2016 to revise charter capital written in the License of the establishment and operation of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
Accordingly, the SBV Governor allowed Vietcombank to increase its charter capital from VND 26,650,203,340,000 to VND 35,977,774,500.000 under its Plan on recapitalization approved by the General Shareholders’ Annual Meeting in Resolution No. 09/TN2016/NQ-ĐHĐCĐ on April 15, 2016.
Vietcombank is responsible to complete the recapitalization in compliance with SBV regulations and relevant laws. After completing the procedures of increasing charter capital, Vietcombank is required to submit the amendments of charter capital report to the SBV (through Banking Supervision Agency).
The Document takes effect within 12 months from the date of signing. In case the recapitalization approved by the SBV is not completed on time or rejected by General Shareholders’ Annual Meeting of Vietcombank, this document cease to be effective.
Giang Nguyen