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PM asks for review criteria for commercial banks establishment
Prime Minister Nguyen Tan Dung has agreed in principle on amendments of some criteria proposed by the State Bank of Vietnam for licensing new commercial banks and requested the central bank to review certain criteria such as the requirements for individual founding shareholders, general directors and members of executive boards, to ensure strict and effective management of these banks, in conformity with reality, according to the State Bank of Vietnam.
The PM also asks that SBV works out a road map for existing joint stock banks to apply these criteria to ensure consistency, stability, effectiveness and safety for operations of the whole banking system.
The central bank will have to perfect and draft a new decree on the setting up and operation of the commercial joint stock banks to be submitted to the Prime Minister for approval.
In addition, the Prime Minister has also approved the establishment of Bao Viet Joint Stock Commercial Bank with a chartered capital of VND 1.5 trillion.
He also allows Bao Viet Group to contribute more capital to ensure the VND 1.5 trillion chartered capital of the bank in case it fails to mobilise capital from other shareholders.
The central bank is assigned to grant a license on the establishment and operations of Bao Viet Bank when the bank finalises paperwork.
ND
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