What documents are included in the application for relocation of headquarters of commercial bank and relocation of a foreign branch bank (FBB) within the same province or city in Vietnam?

What documents are included in the application for relocation of headquarters of commercial bank and relocation of a foreign branch bank (FBB) within the same province or city in Vietnam?

Pursuant to Clause 1 Article 6 of the Circular 50/2018/TT-NHNN stipulating the application for relocation of headquarters of commercial bank and relocation of FBB within the same province or city where commercial bank’s headquarters is located or FBB is located in Vietnam as follows:

1. An application includes:

a) An application form, which contains at least:

(i) Current location;

(ii) New location;

(iii) Reasons for relocation;

(iv) A plan to install equipment at the new headquarters which satisfies the requirements of a headquarters in accordance with regulations of law;

(v) A headquarters relocation plan, which is aimed at ensuring continuous operation;

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

c) Documents proving the commercial bank or FBB has or will have the right to legally use the headquarters at its new location.

What are procedures for granting approval for relocation of headquarters of commercial bank and relocation of FBB within the same province or city where commercial bank’s headquarters is located or FBB is located in Vietnam?

Pursuant to Clause 2 Article 6 of the Circular 50/2018/TT-NHNN stipulating procedures for granting approval for relocation of headquarters of commercial bank and relocation of FBB within the same province or city where commercial bank’s headquarters is located or FBB is located in Vietnam as follows:

2. Procedures for granting approval:

a) 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 25 working days from the receipt of the satisfactory application, the State Bank shall grant a written approval for relocation of headquarters of the commercial bank or relocation of the FBB. In case of rejection of the application, the State Bank shall respond and provide explanation in writing.

The State Bank’s written approval shall be valid for 12 months from the date on which it is signed.

What documents are included in the application for relocation of headquarters of commercial bank and relocation of FBB to another province or city where commercial bank’s headquarters is located or FBB is located in Vietnam?

Pursuant to Clause 1 Article 7 of the Circular 50/2018/TT-NHNN stipulating the application for relocation of headquarters of commercial bank and relocation of FBB to another province or city where commercial bank’s headquarters is located or FBB is located in Vietnam as follows:

1. An application includes:

a) In case of the commercial banks: The documents specified in Clause 1 Article 6 of this Circular.

b) In case of the FBB:

(i) The documents specified in Clause 1 Article 6 of this Circular;

(ii) A business plan for the first 03 years of operation, which contains at least: forecasted demands for banking services at the new location; expected business strategy and changes in business strategy (if any); expected income in the first 03 years of operating at the new location and relevant descriptions.

What are procedures for granting approval for relocation of headquarters of commercial bank and relocation of FBB to another province or city where commercial bank’s headquarters is located or FBB is located in Vietnam?

Pursuant to Clause 2 Article 7 of the Circular 50/2018/TT-NHNN stipulating procedures for granting approval for relocation of headquarters of commercial bank and relocation of FBB to another province or city where commercial bank’s headquarters is located or FBB is located in Vietnam as follows:

2. Procedures for granting approval:

a) 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 25 working days from the receipt of the satisfactory application, the State Bank shall grant a written approval for relocation of headquarters of the commercial bank or relocation of the FBB. In case of rejection of the application, the State Bank shall respond and provide explanation in writing.

Best regards!