IVB allowed to increase charter capital

The State Bank of Vietnam (SBV) issued Document No.6815/NHNN-TTGSNH on September 9 to permit the Indovina Bank Ltd. (IVB) to increase charter capital from USD 125 million to USD 165 million as contributed by capital resources of its joint-venture partners, of which USD 20 million come from the Vietnam Joint-Stock Commercial Bank for Industry and Trade (Vietinbank), and USD 20 million from the Cathay United Bank (CUB).

The IVB is responsible for registering and publicizing its new charter capital, and sending the Document with the attachment of a photocopy of business registration with the new charter capital to the SBV for approval of charter capital adjustment in License No.135/GP-NHGP dated November 21, 1990 and its Charter dated February 1, 2005 in accordance with the applicable laws. In addition, the Bank is required to comply with Decree No.141/2006/ND – CP of the Government dated November 22, 2006 on legal capital of credit institutions.

On the same day, the SBV also issued Document No.6816/NHNN-TTGSNH to approve the Vietinbank’s contribution of USD 20 million to the IVB charter capital. The Vietinbank is responsible for maintaining the prudent ratio in its operations under the set roadmap.

DiemHang

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