Headlines 06/12/2019 10:36 SA

Steps in revising licenses for establishment of representative offices of foreign credit institutions

Quỳnh Như

Recently, State Bank of Vietnam has promulgated the Circular No. 25/2019/TT-NHNN amending and supplementing the Circular No. 40/2011/TT-NHNN dated December 15, 2011.

The Circular provides additional regulations on revision and modification of licenses in case of any change of representative offices of foreign credit institutions in the following specific cases:

- Representative offices must submit application for revision and modification of licenses under clause 1 of Article 18dd in this Circular, whether in person or by post, to state bank branches if they wish to:

+ Change their names and their offices to other provinces or cities;

+ Extend license period.

- Representative offices are required to send written notices to state bank branches at local subdivisions where their offices are located within the duration of 07 working days from the date of the following changes:

+ Change heads of representative offices;

+ Change their offices to other places in the same provinces or cities;

+ Change addresses of their offices without moving their offices.

Circular No. 25/2019/TT-NHNN is entering into force on January 17, 2020.



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