The Governor of the State Bank of Vietnam (SBV) issued Document No.1494/NHNN-TTGSNH dated March 10, 2017 on the establishment of the Remittance Company of the North Asia Commercial Joint - Stock Bank (BAC A BANK).
20170315152038907BAC A BANK
Accordingly, the SBV Governor permitted BAC A BANK to establish a subsidiary wholly-owned by BAC A BANK to operate the remittance activities in line with the proposal attached to the Document No.170/2016/CV-BACABANK dated October 12, 2016 of the BAC A BANK.
BAC A BANK is responsible for: Implementing the procedures and processes to establish the approved subsidiary in accordance with relevant laws; Ensuring to comply with the limits of capital contribution, share purchase and prudential ratios in banking operations before and after establishing the subsidiary in line with laws and SBV’s guidance; Managing operations of the subsidiary in accordance with laws and SBV’s guidance on forex and remittance management; Report to the SBV (through Nghe An branch of the SBV) the implementation of the above requirements (enclosed with the copy of the business registration certification and Plan to launch the subsidiary operations).
After establishing the permitted subsidiary, the BAC A BANK is required to accomplish procedures to request the SBV branches, where the Remittance Company is located (Hanoi branch of the SBV) to approve the receiving and payment foreign currency service in line with Circular No.34/2015/TT-NHNN dated November 31, 2015 on activities of received and payment foreign currency service.
The SBV Governor assigned Nghe An branch of the SBV to monitor the operations and compliance of BAC A BANK to implement this Decision.
Thoa Le