State-owned Vietinbank becomes joint-stock bank

The Governor of the State Bank of Vietnam (SBV) issued License No.142/GP-NH on July 3 to turn the State-Owned Vietnam Bank for Industry and Trade into the Vietnam Joint-Stock Commercial Bank for Industry and Trade (Vietinbank). The Governor also issued Decision No.1573/QD-NHNN on the same date to ratify the new Charter of Vietinbank at the request of the Chairman of its Board of Directors.

The First General Meeting of share holders of Vietinbank was held in Hanoi on June 4, 2009. The number of share holders representing 99.83% of the total shares of the Bank voted to approve the new Charter.

The General Meeting authorized the Board of Directors of the Bank (i) to arrange all procedures to submit the New Charter of the Bank to the relevant authorities for ratification in line with law; (ii) to make necessary revision of the Charter in the ratification process and to make all arrangements for the Bank to be listed in the stock market; and (iii) to issue decision on the implementation of the New Charter.

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