Two Taiwanese banks open branches in Vietnam

The Governor of the State Bank of Vietnam (SBV) issued License No.210/GP-NHNN and License No.211/GP-NHNN on September 23 to allow the First Commercial Bank Ltd. and the Shenghai Commercial & Savings Bank Ltd. of Taiwan to open a branch each in Vietnam to be based in Hanoi and the province of Dong Nai respectively with the charter capital of USD 15 million.

Under these Licenses, the Hanoi branch of the First Commercial Bank Ltd.  and the Dong Nai branch of the Shenghai Commercial & Savings Bank Ltd. are allowed to operate for the maximum duration of 99 years with such operations as mobilization, lending, settlement, treasury and other operations prescribed in their Licenses.

These branches are allowed to conduct other operations of a commercial bank when need be with written approval from the SBV or in case that such operations are prescribed for foreign banks’ branches in legal texts.

Diem Hang

sbv

>   Businesses bristle at high interest rates (27/09/2010)

>   Banks await decisions on chartered capital (25/09/2010)

>   Weekly Information on Banking Activities (Sep 10-16/2010) (24/09/2010)

>   ATM fee charges deemed illegal (24/09/2010)

>   Foreign diplomats evade tax on sale of used cars (24/09/2010)

>   HSBC Vietnam opens branch in Can Tho (23/09/2010)

>   Small banks have trouble with recapitalization (23/09/2010)

>   PetroVietnam loaned $1 billion for refinery (23/09/2010)

>   Vietnam, UK step up cooperation in auditing (23/09/2010)

>   HCMC Branch of First Bank allowed to extend operational duration (23/09/2010)