The State Bank of Vietnam (SBV) issued Decisions No.1368 and 1369/QĐ-NHNN on July 4, 2017 on revoking licenses of Woori Bank – Hanoi Branch and Hochiminh City Branch.
Accordingly, the SBV Governor revoked License No.16/GP-NHNN dated July 10, 1997 for Hanvit Bank – Hanoi Branch (now is Woori Bank – Hanoi Branch).
Concurrently, the SBV Governor revoked License No.1854/GP-NHNN dated December 20, 2005 granted to Woori Bank – Hochiminh City Branch.
Woori Bank - Hanoi and HCMC branches are responsible for publicizing the Decision on revoking Licenses, implementing asset liquidation and other obligations in line with Circular No. 34/2011/TT-NHNN dated October 28, 2011 on guiding orders and procedures of revoking License and asset liquidation of credit institutions and foreign bank branches; orders and procedures of revoking License on opening representative office of credit institutions and other foreign institutions with banking operations and other relevant regulations.
The Decisions took effect on the date of signing.
* Previously, Woori Bank was granted license No.71/GP-NHNN dated October 31, 2016 to establish the wholly foreign-owned bank in Vietnam. Therefore, Woori Bank proposed the SBV to revoke Licenses of Woori Bank – Hanoi and HCMC branch to transfer all assets, debts and operations to branches of the wholly foreign-owned Woori bank in Vietnam.
Thoa Le