Procedures for change of the location of branch headquarters of non-bank credit institutions in Vietnam

According to Circular No. 53/2018/TT-NHNN of the State Bank of Vietnam (SBV), an application for approval for change of branch’s location includes:

- The application form for approval for change of the branch’s location which is made by the non-bank credit institution and includes, inter alia, the following contents: the current location; the location where the branch is going to be moved to, which must meet the requirements specified in Clause 1 Article 13 of this Circular; the plan for relocation of the branch office which must ensure the branch’s uninterrupted operations;

- The resolution on approval for the change of the branch’s location made by the Board of Members or the Board of Directors of the non-bank credit institution, or other documents of equivalent validity made by other authorities of the non-bank credit institution as regulated in its Charter.

The non-bank credit institution shall prepare an application as regulated and submit it to the Bank Supervision and Inspection Office or the SBV’s branch in the province or city where the branch is located (where the Bank Supervision and Inspection Office is not available).

- If the application is insufficient or invalid, within 05 business days from the receipt of the application, the Bank Supervision and Inspection Office or the SBV’s branch shall request the applicant in writing to modify the application.

- Within 10 business days from the receipt of the sufficient application, the Bank Supervision and Inspection Office or the SBV’s branch in the province or city where the branch is located (where the Bank Supervision and Inspection Office is not available) shall give approval or refuse to give approval for the change of the branch’s location to the applicant. In case of refusal, a written response in which reasons for refusal are indicated shall be provided for the applicant.

View details at Circular No. 53/2018/TT-NHNN of the State Bank of Vietnam, effective from March 01, 2019.

-Thao Uyen-

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