The State Bank of Vietnam (SBV) issued Document No. 10014/NHNN-TTGSNH on December 28 to permit Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) to establish three additional branches in Ho Chi Minh City (HCMC) on the basis of upgrading three transaction offices in HCMC.
The Techcombank is responsible for terminating operations of those three transaction offices in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and Document No. 1281/NHNN-TTGSNH dated May 8, 2015 on management of granting license to credit institutions and foreign bank branches. At the same time, Techcombank is required to implement procedures for inaugurating, registering and publicizing newly established branches and office in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and the other applicable legal texts after the completion of terminating operations of those three transaction offices. The Document will cease to be effective if the Techcombank does not complete the operational termination of those three transaction offices and inaugurate the newly established branches within 12 months from the date of signing.
TLH