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Banking & Finance

OCB increases charter capital

Released at: 16:55, 01/03/2016

OCB increases charter capital

Increase comes following SBV approval.

by Hung Nguyen

The Orient Commercial Joint Stock Bank (OCB) has just announced it will increase its charter capital by VND452.85 billion ($20.2 million), from VND3.55 trillion ($159.2 million) to VND4 trillion ($179.4 million).

The increase is contained in Document No. 9829/NHNN-TTSGNH signed by the Governor of the State Bank of Vietnam (SBV) on December 23, 2015 following a resolution from OCB’s Board of Management.

In 2014 the SBV agreed to OCB increasing its charter capital to VND4 trillion ($179.4 million) but the bank failed to do so.

According to the resolution it plans to issue almost VND953 billion ($42.74 million) in additional stocks, including 5 per cent of profits from 2014 and VND780.6 billion ($35 million) in a private offering to certain entities (excluding major shareholders, Members of the Board, Members of the Supervisory Board, and the General Director).

OCB also released the results of its private offering of 28 million shares at VND10,000 ($0.45) per shares to two individuals.

Ms. Nguyen Thi Thu Trang purchased 14.5 million shares, bringing her holding to 3.63 per cent, and Mr. Nguyen Duc Toan purchased over 13.5 million shares, bringing his holding to 3.99 per cent. Neither were previously shareholders of OCB.

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