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HDBank allowed to establish two representative offices (04/07/2014)
The State Bank of Vietnam (SBV) issued Documents No. 4686, 4687/NHNN-TTGSNH on July 2 to permit the Housing Development Joint- Stock Commercial Bank (HDBank) to establish a representative office for Northern region and another in Myanmar.
Accordingly, the SBV has allowed the HDBank to establish a representative office for Northern region at Floor 9th, 32 Tran Hung Dao Building, Hoan Kiem, Hanoi. The HDBank is responsible for implementing procedures for inaugurating, registering and publicizing newly established representative office in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and the other relevant legal texts. The Document will cease to be effective if the HDBank does not inaugurate the above – mentioned representative office within 12 months from the date of signing.
At the same time, the HDBank is permitted to establish a representative with the operational duration of 30 years in Yagon, Myanmar; and this representative office with have to operate in compliance with law on banking operations in Myanmar, and SBV and HDBank regulations on management of overseas representative offices. HDBank is also required to strictly comply with the legal texts on overseas investment, and complete legal procedures in line with law in Myanmar for receiving the license. The Document will cease to be effective if HDBank does not inaugurate the representative office within 24 months from the date of signing.