Handling of savings deposits at post office transaction offices after VNPost divests capital from LPBank in Vietnam

Handling of savings deposits at post office transaction offices after VNPost divests capital from LPBank in Vietnam

The handling of savings deposits after VNPost divests capital from LPBank is regulated as follows:

- After 07 working days from the date Vietnam Post Corporation divests capital below 5% of the charter capital of Lien Viet Post Commercial Joint Stock Bank, Postal transaction offices are not allowed to accept savings deposits.

- The handling of previously received savings deposits from the post office transaction office when not receiving savings deposits is carried out as follows:

+ For savings deposits that have not yet matured, the postal transaction office continues to comply with the contents agreed upon with customers;

+ When savings deposits are due, the post office transaction office must have measures to fully pay customers' savings deposits. In the event that the due savings deposit is not paid in full, Lien Viet Post Commercial Joint Stock Bank receives and processes it according to internal regulations and laws on savings deposits and terminates the operation of the post office transaction office.

Requirements for employees at LPBank post-office transaction offices

Personnel at LPBank post-office transaction offices must meet the following requirements:

- Have at least 03 people, one of whom is a controller or equivalent title responsible for controlling and approving daily transactions and is a staff member of Lien Viet Post Commercial Joint Stock Bank.

No later than March 1, 2024, if this condition is not met, the postal transaction office will not be allowed to receive savings deposits. The handling of previously received savings deposits is carried out according to the provisions of Clause 4, Article 7 of Circular 27/2022/TT-NHNN;

- Have participated in a related professional training course organized by Lien Viet Post Commercial Joint Stock Bank (except for officials who graduated from intermediate level or higher in the field of finance and banking);

- Personnel holding the title of controller (or equivalent title) must have graduated from an intermediate level or higher in the fields of economics, finance, and banking.

More details can be found in Circular 11/2023/TT-NHNN, taking effect on October 15, 2023, repealing Clause 2, Article 1 of Circular 27/2022/TT-NHNN.

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