The State Bank of Vietnam (SBV) has issued Decision No. 464/QD-NHNN revoking the license of the representative office of Wells Fargo Bank, National Association in Ho Chi Minh City (HCMC).
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Accordingly, the SBV Governor has decided to revoke License No. 16/GP-VPDD dated August 8, 2003 for the establishment of the representative office of Wachovia Bank, N.A (currently re-named as Wells Fargo Bank, National Association) due to the fact that Wells Fargo Bank, National Association has merged its Rep. Office in HCMC with its Rep. Office in Hanoi.
Wells Fargo Bank, National Association in HCMC is responsible for implementing the procedures for terminating its operations, submitting its stamp, liquidating its head office leasing contract and make payments for all obligations and debts (if any) in line with the laws.
Within seven (07) working days from the effective date of this Decision, Wells Fargo Bank, National Association in HCMC is requested to publicize the Decision on a daily national newspaper for three consecutive days, or on Vietnamese electronic news media for seven (07) working days; and publicizing the Decision at its representative head office in Vietnam.
Decision No. 464/QD-NHNN took effect from the date of signing.
Le Hang