Western Bank allowed to increase charter capital

The State Bank of Vietnam (SBV) issued Official Letter No.7100/NHNN-TTGSNH on September 21 to permit the Western Joint-Stock Commercial Bank (Western Bank) to increase its charter capital for 2010.

Accordingly, the Western Bank is allowed 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 April 17, 2010 and amended in line with Resolution No.2.2108/TBB-HĐQT of the Board of Directors on August 19, 2010.

For the sale of shares to foreign investors, the Western 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.

The Western Bank is required to comply with applicable laws and other relevant legal texts.

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 Western 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.

Diem Hang

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