State Bank appoints representative of state capital at BIDV

According to the decision of the Governor of the State Bank, Mr. Dang Van Tuyen - Member of BIDV's Board of Directors for the 2022 - 2027 term was appointed as the representative of 30% of the State capital at BIDV, from April 28.

Previously, BIDV's General Meeting of Shareholders unanimously elected Mr. Dang Van Tuyen, Director of the State Bank of Vietnam's Department of Organization and Personnel, to the BIDV Board of Directors for the 2022-2027 term.

Mr. Dang Van Tuyen was born in 1973, has a Bachelor of Law and a Bachelor of Finance - Banking. He has worked at the State Bank of Vietnam since April 1996 and has held the following positions: Specialist, Inspector of the Central Bank; Specialist, Deputy Head of Department, Head of Department of the State Bank's Organization and Personnel Department; Deputy Head of the State Bank's Organization and Personnel Department. From February 2020 to present, Mr. Tuyen has been the Head of the State Bank's Organization and Personnel Department.

BIDV Bank currently has a charter capital of VND50,585 billion, of which the state capital is VND40,967 billion (accounting for 80.99% of the charter capital). Strategic shareholder KEB Hana holds 15% of the charter capital, the capital of other shareholders accounts for 4.01% of the charter capital.

The bank plans to increase its charter capital to more than VND61,557 billion in 2023 through two issuances. The first issuance will increase an additional VND6,419 billion by issuing 641.9 million shares to pay dividends. The second issuance will issue or offer to the public more than 455 million shares, thereby increasing its charter capital by VND4,552 billion.

Not only BIDV, state-owned commercial banks are also planning to increase charter capital this year.

VietinBank's annual general meeting has approved a plan to increase charter capital by issuing shares to pay dividends from the remaining profits in 2021 and the remaining profits accumulated up to the end of 2016. Accordingly, the bank will use VND12,330 billion in retained profits to pay dividends in shares, with an issuance volume of more than 1.2 billion shares.

VietinBank's charter capital is currently VND48,057 billion, of which the state holds 64.46% of shares. After the issuance, VietinBank's charter capital will increase to VND60,387 billion.

Vietcombank has just had its charter capital increased by about VND27,000 billion from undistributed profits from previous years approved by the State Bank.

Vietcombank currently has a charter capital of VND47,325 billion, of which state shareholders hold 74.8% of the charter capital. Strategic shareholder Mizuho Bank, Ltd holds 15%, and other shareholders hold 10.2% of the charter capital.

As for Agribank, the bank's charter capital is currently VND34,446 billion. On April 25, the Government issued a Resolution on additional investment in charter capital for this bank.

Accordingly, the Governor of the State Bank of Vietnam will, on behalf of the Prime Minister, report to the National Assembly on supplementing charter capital for Agribank in the 2021-2023 period by an additional VND 17,100 billion.

In a recent report sent to the National Assembly's Economic Committee, the State Bank said it is coordinating with relevant ministries and branches to review and submit to competent authorities for approval a plan to increase charter capital from after-tax profits and funds for the 2021-2023 period for joint stock commercial banks in which the State holds more than 50% of charter capital and from the state budget for Agribank.

The State Bank has submitted and received approval from competent authorities for the policy of handling banks under special control, including 3 banks subject to compulsory purchase.

Source