Vietnam: Application for revocation of representative office’s license of credit institutions, branches of foreign banks

10:15, 15/01/2018

In 2017, the State Bank of Vietnam issued Circular No. 24/2017/TT-NHNN on procedures for revocation of licenses and asset liquidation of credit institutions, branches of foreign banks.

Specifically, according to Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, the application for revocation of representative office’s license is as follows:

- An application form for ceased operation signed by the lawful representative of the foreign credit institution or other foreign organization engaged in banking activities.

- Document of the competent decision-maker adopting the ceased operation of the representative office.

- In case the representative office's license is revoked according to the provisions of Point e, Clause 1, Article 28 of the Law on Credit Institutions (amended), the application must contain a document from the competent authority of the country where the foreign credit institution or other foreign organization is headquartered regarding the dissolution, bankruptcy, license revocation, or mandatory suspension.

View the procedures for revocation of representative office’s license at Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, effective from February 26, 2018.

- Thanh Lam -

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