Banks required to disclose minor stakeholders from July 1

HCMC – Commencing July 1, commercial banks will be required to publicly disclose information about stakeholders who hold 1% of their charter capital and their related individuals as required by the amended Law on Credit Institutions. The revised law, which was passed by the National Assembly at its extraordinary session in Hanoi on January 18, imposes stricter regulations on shareholding and information disclosure. Under the revised law, details of stakeholders possessing 1% of charter capital and their related individuals must be made available on the banks’ official websites. The ownership limit for institutional stakeholders will decrease from 15% to 10%, while stakeholders and their related individuals will see their limit reduced from 20% to 15%. In contrast, the ownership limit for individual stakeholders will remain unchanged at 5% of charter capital.