VPBank allowed to increase charter capital

The Governor of the State Bank of Vietnam (SBV) issued Document No. 7067/NHNN-TTGSNH on September 8 to permit the Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) to increase its charter capital for 2011.

Accordingly, VPBank is allowed to increase its charter capital to VND 5 ,050 billion from VND 4,000 billion under its recapitalization plan approved by the General Shareholders’ Meeting on April 19, 2011.

VP Bank is responsible for registering and publicizing its new charter capital in accordance with law .

The Bank should send a report on the completion of recapitalization to the SBV (SBV branch in Hanoi ) for the new charter capital adjustment in its license.

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

SBV

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