The State Bank of Vietnam issued License No. 72/GP-NHNN on November 1, 2016 on establishing a branch for Nonghyup Bank.
Accordingly, the SBV allowed Nonghyup Bank to establish a branch with an operational duration of 99 years in Hanoi and charter capital of USD 35 million.
In regard to operations, Nonghyup Bank (Hanoi Branch) is permitted to perform commercial bank operations 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, 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 payment in cheque, payment orders, encashment order , 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 of 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 the Law on Credit Institutions, Law on Securities, Government regulations and the SBV’s 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 of 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.
Nonghyup Bank (Hanoi Branch) is required to comply with applicable laws.
The License took effect from November 1, 2016.
Le Hang