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Baoviet Bank allowed providing forex services
The Governor of the State Bank of Vietnam (SBV) issued, on March 03, Document No. 1686/NHNN-CNH, asserting that Bao Viet Joint-Stock Commercial Bank has met proper conditions to provide forex services in the domestic market.
Accordingly, the Bank is permitted 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 SBV;
- Acting as issuer and issuing agent of international payment cards;
- Domestic and international remittance and settlements; Acceptance and payment of foreign currencies;
- Discounting and rediscounting of valuable papers in foreign currencies;
- Authorizing other credit institutions and/or economic entities to act as agents to provide FX services, including conducting money exchange, acceptance and payment of foreign currencies, and other services;
- Providing trust and asset management services in foreign currencies;
- Providing investment banking services (M&A, underwriting and issuing stocks in foreign currencies…);
- Provision of forex consultancy to customers;
- Other forex services in line with international practice and the Vietnamese law.
SBV requires the Bank to strictly comply with the Vietnamese applicable law on forex services and other relevant legal documents.
SBV
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