Application for modification of license with respect to the change of name of representative office of foreign credit institution in Vietnam

Application and procedures for modification of license of representative offices of foreign credit institutions and other foreign organizations performing banking activities in Vietnam are guided in Circular No. 25/2019/TT-NHNN of the State Bank of Vietnam (SBV). Specifically, an application for modification of license with respect to the changes of name; relocation to another province or city; extension of operation duration of representative offices include:

- An application form for modification of license which bears the signature of the legal representative of the foreign credit institution, or other foreign organization performing banking activities, and includes the following contents:

+ Current contents;

+ Contents to be changed. In case of change of name, the new name must comply with provisions in Clause 1 Article 23 of this Circular;

+ Reasons for such changes;

- Documents explaining the change (in case of change of name); or documents proving that the representative office has or will have the right to use the new location (in case of relocation of a representative office);

- Financial statements of the foreign credit institution or other foreign organization performing banking activities of the year preceding the year of application, which have been audited by an independent audit firm, and general report on operations of the representative office in case of extension of operation duration (which must specify the operations of the representative office within 03 years preceding the year of application and operation plan for the following year).

It should be noted that representative offices shall prepare application for modification of license according to provisions in Article 13 of Circular No. 40/2011/TT-NHNN and send a written notification directly or by post to the SBV’s branch in as regulated in Point a Clause 2 Article 18dd of Circular No. 25/2019/TT-NHNN.

After obtaining an approval from the SBV's provincial branch for its modification of license with respect to the changes, the representative office shall:

- carry out procedures for registration of changes with a relevant competent authority;

- start operation at the new location and terminate operation at the previous location within 06 months after obtaining an approval from the SBV's provincial branch for its modification of license with respect to the change;

- publish the changes on SBV’s mass media and 03 consecutive issues of a daily printed newspaper or an online newspaper of Vietnam within 07 working days after obtaining an approval from the SBV's provincial branch for its modification of license.

Besides, Circular No. 25/2019/TT-NHNN also stipulates that a representative office shall send a written notification directly or by post to the SBV’s branch in province or city where it is located within 07 business days from the occurrence of one of the following changes:

- Change of its chief representative;

- Relocation within the same province or city;

- Change of address without change of its location.

View other regulations at Circular No. 25/2019/TT-NHNN of the State Bank of Vietnam, effective from January 17, 2020.

Thu Ba

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