Application for suspension of business of commercial banks in Vietnam

10:50, 21/02/2019

The State Bank of Vietnam issued Circular No. 50/2018/TT-NHNN on December 31, 2018, which specifies application for suspension of business of commercial banks in Vietnam.

According to Circular No. 50/2018/TT-NHNN of the State Bank of Vietnam, application for suspension of business of commercial banks includes:

- An application form, which contains at least:

+ Number of days and expected date of suspension of business;

+ Reasons and necessity for suspension of business;

+ Measures to be taken to minimize the effect of the business suspension on the rights and interests of customers;

- A resolution or decision on approval for suspension of business of the Board of Directors in case of a joint stock commercial bank, a resolution or decision on approval for suspension of business of the Board of Members in case of a limited liability commercial bank, a decision on approval for suspension of business issued by the General Director of the FBB;

- Documentary evidence for necessity for suspension of business.

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

-Thao Uyen-

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