On April 16, 2019, the State Bank of Vietnam (SBV) issued License No.47/GP-NHNN to replace the former License on the establishment and operations of Bac A Commercial Joint Stock Bank (Bac A Bank).
Accordingly, the new License issued by the SBV shall replace License No.0052/NH-GP dated September 1st, 1994 granted to Bac A Bank, with the new details as follows:
Full-name in Vietnamese: Ngân hàng thương mại Bắc Á;
Full-name in English: Bac A Commercial Joint Stock Bank;
Abbreviation: Bac A Bank;
Head office address: No. 117 Quang Trung street, Quang Trung ward, Vinh city, Nghe An province.
The charter capital of Bac A Bank is VND 5,500,000,000,000 (five thousand five hundred billion Vietnamese dongs) with an operation duration of 99 years, starting from September 1st, 1994.
Bac A Bank is permitted to perform the operations of a commercial bank in accordance with the laws and regulations of the SBV, including the following activities: (i) Receiving 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 by cheque, payment orders, encashment orders, letters of credit, bank cards, cash in and cash out; (v) Opening accounts: Opening accounts at the SBV, other credit institutions and foreign banks’ 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 services in the fields of corporate finance, M&A, and investment; (ix) Participating in the biddings for the State Treasury bills, and the trading of negotiable instruments, the Government bonds, the SBV bills and other valuable papers in the money market; (x) Trading of corporate and the Government bonds; (xi) Providing the service of money brokerage; (xii) Issuing certificates of deposits, promissory notes, bills and bonds to mobilize capital in accordance with the Law on Credit Institutions, the Securities Law, the 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 the SBV’s guidance; (xiv) Borrowing, lending, depositing and receiving deposits of other credit institutions, foreign banks’ branches, domestic and international financial institutions in line with the applicable laws and the SBV’s guidance; (xv) Contributing capital, purchasing shares in accordance with the provisions of law and the SBV's guidance; (xvi) Being a trustee and/or a trustor, acting as an agent in relation to banking operations, insurance and asset management in line with the applicable laws and the SBV’s guidance; (xvii) Trading and providing foreign exchange services in the domestic market and in the international market within the scope prescribed by the SBV; (xviii) E-wallets; (xix) Investing in Government bond futures; and (xx) Purchasing debts.
In the process of operations, Bac A Bank must comply with the applicable laws of Vietnam.
This License takes effect from the date of signing and shall replace License No.0052/NH-GP dated September 1st, 1994, Decisions No.183/QD-NH5 dated September 1st, 1994, No.1891/QD-NHNN dated August 19, 2011, No.2786/QD-NHNN dated December 3, 2013, No.2519/QD-NHNN dated December 3, 2014, No.1566/QD-NHNN dated August 7, 2015, No.2516/QD-NHNN dated December 7, 2015, No.150/QD-NHNN dated February 5, 2016, No.2197/QD-NHNN dated October 20, 2017, No.148/QD-NHNN dated February 7, 2012, and No.1807/QD-NHNN dated September 14, 2018 issued to Bac A Bank.
MH