The State Bank of Vietnam (SBV) issued Document No.1442/NHNN-TTGSNH on March 12 to permit Saigon Bank for Industry and Trade (SaigonBank) to change its five savings funds into transaction offices in Hanoi and in the provinces of Lao Cai and Binh Thuan.
The SBV requires SaigonBank to be responsible for implementing procedures to inaugurate, register and publicize newly established transaction offices in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and the other applicable legal texts. The Document will cease to be effective if the SaigonBank does not inaugurate the above – mentioned transaction offices within 12 months from the date of signing.
TLH