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OCB and KienLongBank allowed to increase charter capital
The State Bank of Vietnam (SBV) issued Documents No. 6706 and 6707/NHNN-TTGSNH on September 6 to permit the Orient Joint Stock Commercial Bank (OCB), and the Kien Long Joint-Stock Commercial Bank (KienLongBank) to increase their charter capital.
The State Bank of Vietnam (SBV) issued Documents No.6706 and 6707/NHNN-TTGSNH on September 6 to permit the Orient Joint – Stock Commercial Bank (OCB), and the Kien Long Joint-Stock Commercial Bank (KienLongBank) to increase their charter capital.
OCB is responsible for requiring its shareholders to comply with the applicable laws. In case that the BNP Paribas Bank continues to purchase OCB’s shares to increase its holding proportion to 20% of the charter capital of the OCB, the BNP Paribas Bank shall comply with Decree No.69/2007/ND-CP of the Government dated April 20, 2007 on purchasing shares of Vietnamese commercial banks by foreign investors (Decree No.69); Decree No.01/2010/NĐ-CP dated January 4, 2010 on individual share offering and Circular No.07/2007/TT-NHNN of the SBV dated November 29, 2010 on guiding implementation of Decree No.69.
The KienLongBank is permitted to increase its charter capital to VND 3,000 billion from VND 2,000 billion under its recapitalization plan approved by the General Shareholders’ Meeting on June 13, 2010 and Resolution No.474/NQ-HĐQT of the Board of Directors on August 12, 2010 on the revision and completion of the recapitalization plan in 2010.
For the sale of shares to foreign investors, the KienLongBank should comply with the existing legal texts on sale of shares to foreign investors and be approved by the SBV Governor prior to the sale.
In addition, the OCB and the KienLongBank are required to comply with applicable laws and other relevant legal texts. These Documents are effective within 12 months from the date of signing. They will cease to be effective in case that the recapitalization plans of these banks are not carried out as scheduled, and that their General Shareholders’ Meetings adopt a change of the recapitalization plans which have already been approved by the SBV.
Diem Hang
sbv
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