Application for change of name of commercial bank in Vietnam

According to Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam (SBV), an application includes:

- An application form, which contains at least:

+ Current name;

+ Name expected to be changed, which shall comply with relevant regulations on naming;

+ Reasons for renaming;

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

Besides, Circular No. 50/2018/TT-NHNN also stipulates that procedures for granting approval as follows:

- 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.

- Within 40 working days from the receipt of the satisfactory application, the State Bank shall consider amending the license. In case of rejection of the application, the State Bank shall respond and provide explanation in writing.

View more details at Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, effective from February 15, 2019.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE