What are the rules for preparation of application for approval for restructuring of credit institutions in Vietnam? What are the cases of restructuring of credit institutions in Vietnam?
What are the cases of restructuring of credit institutions in Vietnam?
Pursuant to Article 4 of Circular No. 36/2015/TT-NHNN stipulating as follows:
Cases of restructuring of credit institutions
1. Cases of acquisition of credit institutions:
a) A commercial bank or a finance company or is merged into another commercial bank;
b) A financial company is merged into another financial company.
2. Cases of consolidation of credit institutions:
a) Two commercial banks consolidate into another commercial bank;
b) A commercial bank and a finance company consolidate into another commercial bank;
c) A financial company and a financial company consolidate into another financial company.
3. Cases of conversion of business types of credit institutions:
a) A commercial bank or a financial company convert its form of limited liability company into joint-stock company and vice versa;
b) A commercial bank or a financial company convert its form of single-member limited liability company into multi-member limited liability company and vice versa.
Thus, a credit institution may be restructured in the following cases:
- Acquisition of credit institutions;
- Consolidation of credit institutions;
- Conversion of business types of credit institutions.
What are the rules for preparation of application for approval for restructuring of credit institutions in Vietnam? What are the cases of restructuring of credit institutions in Vietnam?
What is the scope of operation of post-restructuring credit institutions?
Pursuant to Article 6 of Circular No. 36/2015/TT-NHNN stipulating as follows:
Scope of operation of post-restructuring credit institutions
1. The scope of operation of post-restructuring credit institutions must be in accordance with the scope of operation of each type of credit institutions as prescribed in law.
2. The scope of operation of a post-acquisition credit institution shall include activities of the acquiring credit institution. The post-restructuring credit institution may additionally include activities of the acquired credit institution(s) in its scope of operation if it satisfies operation requirements as prescribed in law.
3. The scope of operation of the consolidated credit institution shall include activities of the consolidating credit institutions if it satisfies operation requirements as prescribed in law.
4. The scope of operation of a converted credit institution shall include activities of the credit institution that existed before the conversion (hereinafter referred to as the converting credit institution).
Thus, the post-restructuring credit institutions may operate within the following scopes:
- The scope of operation of post-restructuring credit institutions must be in accordance with the scope of operation of each type of credit institutions as prescribed in law.
- The scope of operation of a post-acquisition credit institution shall include activities of the acquiring credit institution. The post-restructuring credit institution may additionally include activities of the acquired credit institution(s) in its scope of operation if it satisfies operation requirements as prescribed in law.
- The scope of operation of the consolidated credit institution shall include activities of the consolidating credit institutions if it satisfies operation requirements as prescribed in law.
- The scope of operation of a converted credit institution shall include activities of the credit institution that existed before the conversion.
What are the rules for preparation of application for approval for restructuring of credit institutions in Vietnam?
Pursuant to Article 5 of Circular No. 36/2015/TT-NHNN stipulating as follows:
Rules for preparation of application
1. Each application for approval for restructuring of credit institutions shall be made in one set of original in Vietnamese. Each application in a foreign language must be consularly legalized and translated into Vietnamese, other than applications that are exempt from legal consular legalization as prescribed in law of Vietnam.
2. Each copy of documents or certificates must be a copy that is issued from the master register or a certified true copy or a copy presented together with the original for comparison. With regard to the case that the copies are presented together with the originals for comparison, the person in charge of comparison must certify the accuracy between them.
3. Each set of application must have a list of documents.
Thus, the application for approval for restructuring of credit institutions is prepared on the basis of the following rules:
- Each application for approval for restructuring of credit institutions shall be made in one set of original in Vietnamese. Each application in a foreign language must be consularly legalized and translated into Vietnamese, other than applications that are exempt from legal consular legalization as prescribed in law of Vietnam.
- Each copy of documents or certificates must be a copy that is issued from the master register or a certified true copy or a copy presented together with the original for comparison. With regard to the case that the copies are presented together with the originals for comparison, the person in charge of comparison must certify the accuracy between them.
- Each set of application must have a list of documents.
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