Bank of Communications allowed to open branch in Vietnam

The Governor of the State Bank of Vietnam (SBV) issued License No.236/GP-NHNN on October 22 to allow the Bank of Communications Co., Ltd of the People’s Republic of China to open a branch in Ho Chi Minh City (HCMC) with charter capital of USD 30 million and operational duration of 99 years.

Accordingly, HCMC Branch of the Bank of Communications Co., Ltd is permitted to conduct banking activities in VND and foreign currencies like a commercial bank, including mobilization, credit extension, payment and treasury services and other operations stipulated in the License.

Moreover, the Branch is allowed to conduct other commercial banking operations  when need be with written approval of the SBV or when legal texts stipulate that branches of foreign banks are permitted to do such operations.

This License took effect from the date of signing. Bank of Communications Co., Ltd is required to complete all procedures and launch inauguration within 12 months from the signing date.

Diem Hang

sbv

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