The State Bank of Vietnam issued License No. 71/GP-NHNN on October 31, 2016 on establishing the Woori Bank Vietnam Limited (Woori Bank Vietnam).
Accordingly, the charter capital of Woori Bank Vietnam is VND 3 trillion and its operational duration is 99 years.
In regard to operations, Woori Bank Vietnam is permitted to perform the operations of a commercial bank in accordance with applicable laws and SBV regulations, including: (i) time and demand deposits, savings and other deposits; (ii) extending credit in such forms as lending, the discounting and rediscounting of negotiable instruments and other valuable papers; bank guarantees; issuing credit cards, domestic factoring; (iii) Opening payment accounts; (iv) providing payment services in the domestic market: providing payment methods; performing services of the payment of cheques, payment orders, encashment orders, letters of credit, bank cards, cash in and cash out; (v) opening accounts at the SBV, credit institutions and other foreign bank branches; (vi) internal payment, participating in the national inter-bank payment system; (vii) providing services for cash management, banking and finance consultancy, asset preservation and safe-keeping; (viii) providing consultancy service in the field of corporate finance, M&A, and investment; (ix) participating in bidding for treasury bills, and trading negotiable instruments, government bonds, treasury bills, SBV bills and other valuable papers in the money market; (x) trading corporate and Government bonds; (xi) providing service of money broke; (xii) issuing certificates of deposit, promissory notes, bills and bonds to mobilize capital in accordance with Law on Credit Institutions, the Law on Securities, Government regulations and SBV guidance; (xiii) borrowing from the SBV in the form of refinancing under the Law on the State Bank of Vietnam and SBV guidance; (xiv) the borrowing, lending, depositing and receiving of deposits from credit institutions, foreign bank branches, domestic and international financial institutions in line with laws and SBV guidance; (xv) being trustee and trustor, acting as an agent in relation to banking operations, insurance and asset management in line with laws and SBV guidance.
Woori Bank Vietnam is required to comply with applicable laws.
The License took effect from October 31, 2016.
Le Hang