03 CASES OF AMENDING AND SUPPLEMENTING THE LICENSES OF CREDIT INSTITUTION'S REPRESENTATIVE OFFICE
On December 02, 2019,the State Bank of Vietnam promulgates the Circular No. 25/2019/TT-NHNN amending and supplementing a number of Articles of the Governor of the State Bank of Vietnam’s Circular No. 40/2011/TT-NHNN of December 15, 2011, providing the grant of licenses for and organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign institutions engaged in banking activities in Vietnam.
Accordingly, The state bank supplement provisions on supplementation and amendment of licenses with representative office’s changes. To be specific: The representative office must compile an application dossier for amending and supplementing the Licenses in case of changing name, headquarter location in a different province/city or expanding operation duration. -
After the State Bank branch amends and supplement the Licenses, the representative office must: Register with competent State agency on changed contents; operate the new office and quit all activities in the old one within 06 months from the amending/supplementing date of the Licenses; to announce the change on the State Bank media and 03 consecutive daily press issues or 07 consecutive working days on electronic press.
This Circular takes effect on January 17, 2020.
