SBV gives five more years of lifespan for foreign banks

The State Bank of Vietnam (SBV) on December 31, 2010, issued a decision giving five more years of operation duration for representative offices of foreign banks including Commonwealth Bank of Australia, JPMorgan Chase Bank, N.A and Industrial Bank of Korea in Hanoi.

Accordingly, the operation duration of Commonwealth Bank of Australia’s representative office in Hanoi will be extended till November 29, 2015.

The operation duration of JPMorgan Chase Bank, N.A in Hanoi will be extended to November 24, 2015.

The operation of representative office of Industrial Bank of Korea in Hanoi will be extended to October 13, 2015.

The decision took effect as of the signing date and is an integral part of the licence of opening representative office in Vietnam issued by SBV’s governor. – SBV

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Jan 11 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry