BIDV raises chartered capital to Laos-Vietnam Bank

22-May-2012 Intellasia | VOV | 7:01 AM Print This Post

The Bank for Investment and Development of Vietnam (BIDV) will contribute $21 million from its chartered capital and reserve fund to lift the chartered capital of Laos-Vietnam Joint Venture Bank (LVB) to $70 million.

BIDV’s proposal to raise chartered capital has been adopted by the State Bank of Vietnam (SBV) which functions as representative of the State’s capital ownership at BIDV.

BIDV’s capital contribution is required to ensure the maintaining of safe limits in banking activities in accordance with current law.

The SBV has asked BIDV to finalise legal procedures related to its overseas investment in compliance with Vietnamese laws and report to the SBV on implementation results after accomplishing the capital contribution to the LVB.

 


Category: Finance

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