SBV green lights increase after similar move in April.
The State Bank of Vietnam (SBV) issued Document No. 4273/NHNN-TTGSNH on June 11 granting approval to the Vietnam Prosperity Bank (VPBank) increasing its charter capital from VND7.32 trillion ($335.76 million) to VND8.44 trillion ($387.14 million).
The Document notes that VPBank is responsible for completing all legal procedures and that foreign investors in the bank must obey existing legislation relating to foreign investment.
If it fails to complete the requirements contained in the Document within 12 months of the date of signing the approval will expire.
After increasing its charter capital the bank will then propose amendments to its licenses to reflect the fact.
In mid-April VPBank gained approval from the SBV to increase its charter capital from VND6.34 trillion ($290.81 million) to VND7.32 trillion ($335.76 million).