Two more 100% foreign banks licensed in Vietnam

Nhan Dan Online - The governor of the State Bank of Vietnam granted licenses to two foreign banks, Shinhan Bank from the Republic of Korea and Hong Leong Bank Berhad Bank from Malaysia, to establish two 100% foreign-invested banks in Vietnam.

Accordingly, Shinhan Vietnam Bank Limited (SHBVN) has a charter capital of VND 1.67 trillion and Malaysia's Hong Leong Bank Vietnam Limited (HLBVN) has a charter capital of VND 1 trillion. Both banks are headquartered in Ho Chi Minh City.

The two commercial banks will operate as one-member limited liability banks. Their operational duration is 99 years.

The two banks are allowed to carry out professional operations including capital mobilisation, credit activities, payment and budgetary services and others.

The two banks are not allowed to supply foreign currency services till they are approved to meet all the requirements by the State Bank of Vietnam.

So far, five 100% foreign invested banks have been licensed for establishment and operation in Vietnam. The other three foreign banks that received the licenses include ANZ, Standard Chartered Bank and HSBC.

Source: Nhan Dan News

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