Hanoi, Vietnam: Procedure for changing the location of the branch of a non-bank credit institution

Procedure for changing the location of the branch of a non-bank credit institution in Vietnam (Internet image)

On June 30, 2024, the Governor of the State Bank of Vietnam issued Circular 30/2024/TT-NHNN amending the Circulars regulating the dossier, procedures for approval of changes and theoperating network of non-bank credit institutions

Procedures for changing the location of the branch of a non-bank credit institution in Vietnam

To be specific: in Article 13 of Circular 53/2018/TT-NHNN (amended in Circular 30/2024/TT-NHNN) prescribing the procedure for changing the location of the branch of a non-bank credit institution from July 01, 2024, as follows:

(1) Non-bank credit institutions may only change the location of their branch within the province or centrally-run city where the branch is located, and the proposed new location must meet the requirements specified at points a(i), a(ii), and a(iii) of Clause 2, Article 10 of Circular 53/2018/TT-NHNN.

(2) Dossier for approval of changing the branch location:

- A document from the non-bank credit institution requesting approval to change the branch location, including at least the current location; the proposed new location ensuring compliance with the requirements specified in (1); the plan for relocating the office to ensure continuity of operations;

- Resolution of the Members' Council or the Board of Directors approving the change of the branch location, or a document of another competent authority in accordance with the Charter of the non-bank credit institution.

(3) Procedure:

- The non-bank credit institution prepares 01 set of dossiers as specified in (2) and sends it to the State Bank branch where the branch is located. If the dossier is incomplete or invalid, within 05 working days from the date of receiving the dossier, the State Bank branch must issue a written request for the non-bank credit institution to supplement and complete the dossier;

- Within 10 days from the date of receiving the complete dossier as specified in (2), the State Bank branch where the branch is located issues a written response to the non-bank credit institution approving or disapproving the change of branch location; if disapproving, the written response must clearly state the reasons.

(4) The non-bank credit institution reports in writing to the State Bank branch where the branch is located about meeting the requirements specified in (1) no later than 15 days before the expected operation date at the approved new location.

(5) Within 05 working days from the date of receiving the report specified in (4), the State Bank branch must issue a written notice of the information about the change of the branch location reported by the non-bank credit institution as specified in (4), along with the decision approving the change of branch location, to the provincial business registration authority.

(6) Within 12 months from the date the State Bank branch issues the approval document, the branch of the non-bank credit institution must operate at the approved location. If the branch does not operate at the approved location within this period, the approval document of the State Bank branch will automatically expire.

(7) In case of changing the address of the branch without changing the location of the branch, the non-bank credit institution must report in writing to the State Bank branch where the branch is located about the change of address within 07 working days from the date of the change.

(8) Within 05 working days from the date of receiving the report from the non-bank credit institution as specified in (7), the State Bank branch must issue a written notice of the information about the change of the branch address reported by the non-bank credit institution as specified in (7) to the provincial business registration authority.

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