SBV gives green light to bank raising charter capital from $138.13 million to $183 million.
The State Bank of Vietnam (SBV) has given approval to Saigonbank increasing its charter capital from VND3.8 trillion ($138.13 million) to VND4.08 trillion ($183 million), following a plan from its Board of Management being approved at a recent extraordinary general meeting.
The SVB approval comes in Document No. 1615/NHNN-TTGSNH issued on March 18.
The Document notes that Saigonbank is responsible for completing all legal procedures and must obey existing legislation. It must report to the SBV if it issues additional shares and any one shareholder holds more than 5 per cent of charter capital.
If it fails to complete the requirements contained in the Document within 12 months of the date of signing the approval will expire.