Application for increase in provided capital of foreign branch banks in Vietnam

10:42, 11/02/2019

The State Bank of Vietnam issued Circular No. 50/2018/TT-NHNN on December 31, 2018, which specifies documents required in the application for increase in provided capital of foreign branch banks (FBBs).

According to Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, an application for increase in provided capital of FFBs includes:

- An application form, which contains at least:

+ Current provided capital and provided capital expected to be increased;

+ Necessity for increase in provided capital;

+ Information about the additional provided capital reserve fund, retained earnings and other funds determined according to the auditing result given by an independent audit firm; information about the amount of money from additional provided capital reserve fund, retained earnings and other funds which is used to increase provided capital (in case the sources of funding for increasing provided capital come from the additional provided capital reserve fund, retained earnings and other funds);

+ Capital expected to be additionally provided from the parent bank (in case sources of funding for increasing charter capital comes from the parent bank);

- A parent bank’s written approval for the increase in provided capital of FBB in Vietnam, which contains at least:

+ Total provided capital expected to be increased;

+ Expected stages of increase in provided capital (if any);

+ Sources of money used for increasing provided capital;

+ Expected date of completing the increase in provided capital.

View more details at Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, effective from February 15, 2019.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

38 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn