On November 22, 2019, the State Bank of Vietnam (SBV) issued Document No. 9207/NHNN-TTGSNH allowing the Asia Commercial Joint Stock Bank (ACB) to establish five additional branches.
Accordingly, the ACB is allowed to establish the following new branches:
Hoang Cau Branch (upgraded from Hoang Cau Transaction Office) at the address: No. 87 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi City.
Dinh Cong Branch (upgraded from Dinh Cong Transaction Office) at the address: Lot No. 25, Dinh Cong Commercial Center, Dinh Cong Urban Area, Hoang Mai District, Hanoi City.
Phu Quoc Branch (upgraded from Phu Quoc Transaction Office) at the address: No. 118 Nguyen Trung Truc Street, Quarter 8, Duong Dong Town, Phu Quoc District, Kien Giang Province.
VSIP2 - Binh Duong Branch at the address: No. 20A1 Tao Luc 5 Street, Vietnam - Singapore Industrial Park II (VSIPII), Binh Duong Industry - Service - Urban Complex, Ben Cat District, Binh Duong Province.
Thai Binh Branch at the address: No. 134 Minh Khai Street, Bo Xuyen Ward, Thai Binh City, Thai Binh Province.
The Document also clearly indicates that the ACB shall be allowed to commence the operations of their Hoang Cau, Dinh Cong and Phu Quoc branches only after having completed the procedures for terminating the operations of Hoang Cau, Dinh Cong and Phu Quoc transaction offices in accordance with the laws.
Along with that, the ACB has the following responsibilities:
Implementing the procedures for terminating the operations of Hoang Cau, Dinh Cong and Phu Quoc transaction offices in accordance with Paragraph 3, Article 24 of Circular No. 21/2013/TT-NHNN dated September 9, 2013 regulating the operational networks of the commercial banks – as amended and supplemented (Circular No. 21 as amended and supplemented);
Carrying out the procedures for commencing the operations, announcing the establishment of business locations, publishing on the media of the above-mentioned branches in accordance with the provisions of Circular No. 21 (as amended and supplemented) and the current provisions of the applicable laws.
Also in this document, the SBV Governor assigns the SBV’s branches in Hanoi, Kien Giang, Binh Duong, Thai Binh and the Banking Supervision Agency to supervise the ACB's implementation of the above-mentioned requirements.
The Document will cease to be valid if the ACB does not inaugurate the above-mentioned branches within 12 months from the date of its signing.
VA