|
Western Bank licensed to supply forex services
The Governor of the State Bank of Vietnam issued on October 17th 2008 Document No.9329/NHNN-CNH, asserting that the Western Commercial Joint Stock Bank has met proper conditions to provide foreign exchange services to its customers.
Under this Document, the Western Commercial Joint Stock Bank is allowed to conduct foreign exchange services as follows:
- Spots, forwards, futures, options, and other types of FX transactions in line with international practice;
- Mobilization, lending and guaranty in foreign currencies in various forms set by the State Bank of Vietnam;
- Acting as issuer and issuing agent of international payment cards;
- Domestic and international remittance and settlements; Acceptance and payment of foreign banknotes.
- Discounting and rediscounting of valuable papers in foreign currencies;
- Authorizing other credit institutions and/or economic entities to act as agents to conduct money exchange, acceptance and payment of foreign banknotes, and other services;
- Providing trust and asset management services; and investment banking services (M&A, underwriting and issuing stocks in foreign currencies…);
- Provision of forex advice to customers;
- Other forex services in line with international practice and the Vietnamese law.
The same day, the Governor also issued Document No.9328/NHNN-CNH to confirm the Western Bank’s registration of forex services. Accordingly, the Western Bank could provide forex settlement services and conduct forex transactions in overseas markets.
SBV
|
