The State Bank of Viet Nam (SBV) on February 22 issued document No. 1104/NHNN-TTGSNH to allow Standard Chartered Bank (Viet Nam) Limited to increase its charter capital.

The plan to increase the charter capital from VND3.08 trillion (US$135 million) to VND4.215 trillion, was approved by the owner through the resolution approved on September 28, 2017.

SBV requires Standard Chartered Bank to build and control credit growth, in accordance with the bank’s plan but not exceeding credit growth targets announced by SBV.

In addition, the Governor of SBV requests the bank to increase its capital in line with the current provisions of the law. After increasing the capital, Standard Chartered Bank will be responsible for submitting the application for amendment of charter capital in the licence to SBV.

This document is valid for 12 months from the signing date. If the increase of chartered capital has not been completed within the permitted time limit, this document shall be invalidated. — VNS