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Seabank permitted to provide forex services
The Governor of the State Bank of Vietnam (SBV) issued, on March 24, Document No. 1977/NHNN-CNH, asserting that the Southeast Asia joint-stock commercial Bank (Seabank) in Vietnam has met proper conditions to provide forex services.
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 conduct money exchange, acceptance and payment of foreign currencies, and other services;
- Providing trust and asset management services;
- 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.
On the same day, the SBV Governor issued Document No. 19787/NHNN-CNH, to confirm the SeaBank’s registration of forex services. Accordingly, this bank could provide forex settlement services and conduct forex transactions in overseas markets.
The confirmation of commercial banks to complete their registration and to meet proper conditions to provide forex services is done in accordance with Circular No.03/2008/TT-NHNN of the SBV Governor dated August 11th, 2008 on guidelines of forex services of credit institutions.
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