Bank to set up securities brokerage company

The Global Petroleum Commercial Joint Stock Bank (GP-Bank) will establish a securities brokerage company under a decision by the State Bank of Vietnam (SBV) Governor.

The decision, signed on June 4, indicates that the Global Petroleum Securities Brokerage Company has a chartered capital of 35 billion VND and operates in the form of one-member limited liability company.

The same day, the SBV Governor also permitted the Military Commercial Joint Stock Bank to provide factoring services on the domestic market.

Under a decision signed the same day, the Military Commercial Joint Stock Bank has always developed stably and profitably and it is eligible for providing such service.

Factoring is a form of commercial finance in which a bank provides credit for sellers through purchasing receivables arising from sale/purchase contracts, as agreed by both buyers and sellers.

VNA

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