RHB Bank Berhad licensed to open representative office in Ho Chi Minh City

The Governor of the State Bank of Vietnam (SBV) issued Decision No.269/GP-NHNN on October 9th 2008 to permit the RHB Bank Berhad of Malaysia to open a representative office in Ho Chi Minh City. RHB Bank Berhad is headquartered in Kuala Lumpur.

Under this Decision, the RHB Bank representative office is allowed to operate for the maximum duration of 5 years with such functions as conducting communication and market research; preparing the plan for RHB Bank Berhad’s investment projects in Vietnam; monitoring the implementation of contracts and agreements between RHB Bank Berhad and Vietnamese credit institutions and enterprises; and projects financed by RHB Bank Berhad in Vietnam.

The Representative Office is forbidden to do business and profit-making services of any forms in Vietnam. In addition, the Office should comply with the Vietnamese law, the Law on Credit Institutions, Decree No.22/2006/ND-CP of the Government dated February 28th 2006 on organization and operations of joint-venture banks and branches of foreign banks, wholly foreign-owned banks, foreign banks’ representative offices in Vietnam, and other relevant legal documents.

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