Procedures for approval for changes of non-bank credit institutions in Vietnam

16:50, 20/01/2018

On December 29, 2017, the State Bank of Vietnam issued Circular No. 25/2017/TT-NHNN on application and procedures for approval for changes of non-bank credit institutions.

According to Circular No. 25/2017/TT-NHNN of the State Bank of Vietnam, procedures for approval of renaming non-bank credit institutions are prescribed as follows:

- The non-bank credit institution shall send the applications to the State bank directly or by post. If the application if not sufficient, within 10 working days from the receipt of the above application, the State bank shall sent a document requiring the non-bank credit institution to supplement the application;

- Within 10 working days from the day on which the satisfactory application is received, the Bank Supervision and Inspection Agency shall request the Governor to consider issuing a decision to revise the License regarding the name changing of the non-bank credit institution;

- Within 20 working days from the day on which the satisfactory application is received, the State bank shall revise the License regarding the name changing of the non-bank credit institution. If the application is rejected, the State bank must provide explanation in writing.

View the application for changes at Circular No. 25/2017/TT-NHNN of the State Bank of Vietnam, effective from February 26, 2018.

- Thanh Lam -

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