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Friday, October 23, 2020

Eximbank in disarray ahead of second shareholder meeting

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HCMC – Sumitomo Mitsui Banking Corporation (SMBC), a majority shareholder of Vietnam Export Import Bank (Eximbank), has requested the bank to convene an extraordinary shareholder meeting for the second time this year before organizing a second 2020 annual shareholder meeting.

SMBC, which holds a 15% stake in Eximbank, made the request after the bank announced it would hold the second 2020 annual meeting on July 29. Earlier, the bank had postponed its annual and extraordinary shareholder meetings, both set for June 30, after failing to secure the required attendance.

In the request sent to the governor of the State Bank of Vietnam and Eximbank’s board of directors, SMBC stated that Eximbank only announced its plan to convene the second annual meeting on July 29, without mentioning a date for the next extraordinary meeting.

As per prevailing regulations of Eximbank, if an extraordinary meeting is canceled, the bank has to reorganize it within 30 days.

An important aspect of the extraordinary shareholder meeting is addressing issues linked to the fiscal year 2019, which have been delayed for a long time. Accordingly, SMBC stressed that the second extraordinary meeting must be held to tackle all these issues before moving on to consider other matters of the fiscal year 2020 and the 2020-2025 tenor.

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