What are procedures for change of address of headquarters of commercial bank and address of FBB in Vietnam in case of no change of its location?

What are procedures for change of address of headquarters of commercial bank and address of FBB in Vietnam in case of no change of its location?

Pursuant to Article 8 of the Circular 50/2018/TT-NHNN stipulating procedures for change of address of headquarters of commercial bank and address of FBB in Vietnam in case of no change of its location as follows:

1. In case of change of address of headquarters of commercial bank and address of FBB without changing its location, the commercial bank or FBB shall submit an application form for change of address and documentary evidences for change of address to the State Bank (except for the case in which address is changed due to change of administrative division).

2. Within 30 working days from the receipt of the application form, the State Bank shall decide to amend the License regarding the change of address of commercial bank’s headquarters or address of FBB.

What documents are included in the application for extension of incorporation license of commercial banks in Vietnam?

Pursuant to Clause 1 Article 9 of the Circular 50/2018/TT-NHNN stipulating the application for extension of incorporation license of commercial banks in Vietnam as follows:

1. An application includes:

a) An application form, which contains at least:

(i) Expiration date of the license;

(ii) Requested extension;

(iii) Reason for extension;

b) A resolution or decision on approval for extension of the incorporation license of the General meeting of shareholders in case of a joint stock commercial bank, a resolution or decision on approval for extension of the incorporation license of the Board of Members in case of a multi-member limited liability commercial bank, an owner’s decision on approval for extension of the commercial bank’s incorporation license in case of a single member limited liability commercial bank; a parent bank’s written approval for approval for extension of the FBB’s incorporation license in Vietnam;

c) A general report on organizational structure and operation of the commercial bank or FBB in Vietnam, which specifies:

(i) Summary of operation in 03 consecutive years preceding the year in which the application is submitted, including main operational objectives related to capital structure, use of capital and income; organizational structure and operation of the management and internal audit apparatus and the internal audit system;

(ii) Expected business plan for the next 03 years.

What are procedures for granting approval for extension of incorporation license of commercial banks in Vietnam?

Pursuant to Clause 2 Article 9 of the Circular 50/2018/TT-NHNN stipulating procedures for granting approval for extension of incorporation license of commercial banks in Vietnam as follows:

a) At least 06 months prior to the expiration date of the License, the commercial bank or FBB shall submit an application to the State Bank. If the application is unsatisfactory, within 07 working days from the receipt of the application, the State Bank shall request the commercial bank or FBB in writing to complete it.

b) Within 40 working days from the receipt of the satisfactory application, the State Bank shall decide to amend the License regarding the extension. In case of rejection of the application, the State Bank shall respond and provide explanation in writing.

Best regards!