The State Bank of Vietnam (SBV) on Monday approved a plan by the Vietnam Technical and Commercial Joint Stock Bank (Techcombank) to add VND30 billion (US$1.428 million) of charter capital.— Photo anninhthudo

HA NOI (Biz Hub) — The State Bank of Vietnam (SBV) on Monday approved a plan by the Vietnam Technical and Commercial Joint Stock Bank (Techcombank) to add VND30 billion (US$1.428 million) of charter capital.

According to SBV document 5921/NHNN-TTGSNH, the additional capital from the bank's retained earnings was approved at an Annual General Meeting (AGM) in April this year, bringing the bank's charter capital to VND8.878 trillion (over $421.3 million).

In the same document, the SBV governor requested the bank's management board not to grant additional shares to existing shareholders with shareholdings meeting limits specified in Article 55 of the Law on Credit Institutions.

The SBV also asked Techcombank to report on the capital increase and the proposal of amended license after completing capital increase procedures at the SBV branch in Hanoi.

The approval will be valid for 12 months whereby Techcombank will only be able to raise charter capital in that time.— VNS