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BaoViet Bank allowed to increase charter capital
The State Bank of Vietnam (SBV) issued Official Letter No.7143/NHNN-TTGSNH on September 21 to permit the BaoViet Joint-Stock Commercial Bank (BaoViet Bank) to increase its charter capital for 2010.
Accordingly, BaoViet Bank is allowed to increase its charter capital to VND 3,000 billion from VND 1,500 billion under its recapitalization plan approved by the General Shareholders’ Meeting on April 27, 2010 and amended in line with Resolution No.1256/NQ-HĐQT of the Board of Directors on August 30, 2010.
BaoViet Bank is responsible for requiring its shareholders to comply with applicable laws and other relevant legal texts on share purchase; especially the BaoViet Finance-Insurance Group as BaoViet Bank’s major shareholder should strictly comply with the Prime Minister’s instructions in Official Letter No.6207/VPCP-KTTH dated September 1, 2010 on the investment of the state-owned economic groups and general corporations.
Additionally, BaoViet Bank is responsible for registering and publicizing the new charter capital in line with the Vietnamese law.
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 BaoViet 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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