Pursuant to the Circular, in comparison with applicable provisions laid down in the Circular No. 03/2007/TT-NHNN the Circular No. 27 has made changes in cases of blockage of capital and property of foreign bank branches as follows:
- Adding cases in which the amount of loss accrued of a foreign bank branch is greater than 50% of value of allocated capital and reserve funds specified in the latest audited financial statements;
- Removing 2 cases:
+ Foreign bank branches seriously violate legislative regulations;
+ The State Bank dissolves and terminates operations of foreign bank branches and revokes certificates of establishment of foreign bank branch.
The Circular No. 27/2018//TT-NHNN will take effect on January 10, 2019.
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