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Vietinbank allowed to increase charter capital in 2012
The Governor of the State Bank of Vietnam (SBV) issued Document No. 1633/NHNN-TTGSNH on March 21 on increasing the charter capital of the Vietnam Joint-Stock Commercial Bank for Industry and Trade (Vietinbank) in 2012.
Accordingly, the Vietinbank is allowed to raise its charter capital in 2012 from VND 20,229,721,610,000 to VND 26,217,719,206,560 by paying stock dividends (the proportion of 20%) and bonus shares from equitized capital surplus (the proportion of 9.6%) for the existing shareholders in accordance with its Recapitalization Plan adopted by the General Shareholders' Meeting on February 28, 2012.
The Vietinbank is responsible for registering and publicizing its new charter capital in accordance with the Law on Credit Institutions and legal texts on stocks and stock market. Additionally, the Bank should send a report on the completion of recapitalization to the SBV for the new charter capital adjustment in its license. The Vietinbank is required to comply with regulations on prudent ratios and prioritizing its credit extension in line with Resolution No. 01/NQ-CP of the Government dated January 3, 2012.
The Document took effect on the date of signing and remains valid for 12 months. This Document will cease to be effective in case that the charter capital increase is not completed within the prescribed time and if the General Shareholders’ Meeting changes the charter capital approved by the SBV.
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