The Governor of the State Bank of Vietnam (SBV) issued Document No. 906/NHNN-TTGSNH on February 20 to approve the request of establishing Fund Management Company of the Southern East Asia Joint-Stock Commercial Bank (SeaBank).
Accordingly, the SBV Governor approved the establishment of SeaBank Fund Management Company Ltd., which is wholly owned by SeaBank, in accordance with Document No. 1683/TT-ĐNA dated November 9, 2016 of the SeaBank.
SeaBank is responsible for complying with procedures and orders of establishing SeaBank Fund Management Company Ltd. in line with relevant laws; ensuring the compliance with limits of capital contribution, share purchasing and prudent ratios for banking operations before and after establishing sub- companies in accordance with laws and SBV guidance; managing operations of sub-companies; and reporting to the SBV (via Banking Supervision Agency, Hanoi branch) the implementation of substances as stipulated in this Document.
The SBV Governor assigned the Banking Supervision Agency (Hanoi branch) to monitor SeaBank’s implementation of the substances as stipulated in this Document.
Le Hang