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Habubank and IVB allowed to raise charter capital for 2009
The Governor of the State Bank of Vietnam (SBV) issued Documents No. 8114 and 8115/NHNN-TTGSNH on October 15 to permit the Indovina Bank Limited (IVB) and the Hanoi Building Joint-Stock Commercial Bank (Habubank) to increase their charter capitals to USD 125 million from USD 100 million and to VND 3,000 billion from VND 2,800 billion, respectively.
Under Document No. 8114, the IVB is allowed to additionally increase its charter capital by USD 25 million, of which USD 12.5 million is contributed by the Vietnam Bank for Industry and Trade (Vietinbank) and the same amount from the Cathay United. Moreover, the IVB is required to register and publicize the new charter capital in accordance with the Vietnamese law and to send a copy of the new charter capital registration to the SBV.
Under Document No. 8115, the SBV assigned the SBV branch in Hanoi to appraise the Habubank’s documents in line with the applicable laws.
In the context of the current global financial crisis and economic recession, commercial banks operating in Vietnam, especially the joint-venture banks, have continued to increase their charter capital. This fact shows that Vietnam is still one of the safe destinations for foreign investors.
Diem Hang
SBV
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