Responsibilities of other credit institutions in transferring shareholders' ownership of shares

05:55, 11/07/2024

Circular 46/2018/TT-NHNN was signed and promulgated by the State Bank of Vietnam, regulating the duration, sequence, and transitional procedures for the case where a major shareholder of a credit institution and their related persons hold 5% or more of the charter capital of another credit institution.

To ensure efficient operations and avoid financial losses in credit institutions, major shareholders of a credit institution and related persons of such shareholders possessing 5% or more of the charter capital of another credit institution must comply with legal regulations. The specific responsibilities of the other credit institution are as follows:

- Cooperate with the lead credit institution and related major shareholders to develop and finalize the Remediation Plan; implement the Remediation Plan.- Collaborate with the lead credit institution to urge related major shareholders to implement the Remediation Plan.- Report the results of the implementation of the Remediation Plan.- Report on shareholder and stock issues as required by the State Bank of Vietnam.- Ensure that related major shareholders comply with the share ownership ratio in case of purchasing additional issued shares as stipulated in point b clause 5 Article 3 of Circular 46.- Be legally responsible for the accuracy and completeness of the information provided to the State Bank of Vietnam and the lead credit institution.

More details can be found in Circular 46/2018/TT-NHNN effective from March 1, 2019.

- Thanh Lam -

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