HD Bank allowed to increase charter capital

The State Bank of Vietnam (SBV) issued Document No.6554/NHNN-TTGSNH on August 27 to permit the Housing Development Joint-Stock Commercial Bank (HD Bank) to increase its charter capital for 2010.

Accordingly, the HD Bank is allowed to increase its charter capital to VND 3,500 billion from VND 1,550 billion under its recapitalization plan approved by the General Shareholders’ Meeting on March 15, 2010 and Resolution No.39A/2010/NQ-HDQT of the Board of Directors dated August 5, 2010 on the approval of several issues related to recapitalization in 2010.

For the sale of shares to foreign investors, the Bank should comply with the existing legal texts on sale of shares to foreign investors and be approved by the SBV Governor before the sale.

This Document is effective within 12 months from the date of signing. It will cease to be effective in case that the recapitalization plan of the HD Bank is not carried out as scheduled, and that the General Shareholders’ Meeting adopts a change of the recapitalization plan which has already been approved by the SBV.

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