SMBC licensed to set up branch in Hanoi

The Governor of the State Bank of Vietnam (SBV) issued License No.292/GP-NHNN on November 4th 2008 to permit the Sumitomo Mitsui Banking Corporation (SMBC) to establish a branch in Ha Noi. SMBC is headquartered in Tokyo, Japan.

Under this License, the SMBC Branch is allowed to operate for the maximum duration of 20 years with the charter capital of US$ 15 million.

The Branch is currently allowed to conduct capital mobilization, credit activities, payment services, treasury operations and other activities as specified in the license.

The SMBC Branch will run business in compliance with the Vietnamese law; the Law and the Amended Law on Credit Institutions; the foreign exchange regulations; Decree No.22/2006/NĐ-CP of the Government dated February 28th,2006 on organization and operations of foreign bank branches, joint-venture banks, wholly foreign – owned banks, and representative offices of foreign credit institutions in Vietnam; and other legal documents promulgated by the SBV Governor.

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