The State Bank of Vietnam (SBV) issued Decision No.1088/QĐ-NHNN on June 5, 2017 on revoking license of the Phongsavanh Bank Representative Office in Hanoi.
Accordingly, the SBV Governor revoked License No.37/GP-NHNN dated February 10, 2011 for Phongsavanh Bank.
Phongsavanh Bank is responsible for implementing all procedures of terminating operations of Hanoi Representative Office of Phongsavanh Bank within five working days from the date of receiving the Decision on revoking License from the SBV; return the License to the SBV and implement the asset liquidation and other obligations with organizations and individuals in line with Vietnam laws;
Phongsavanh Bank – Hanoi Representative Office must publicize the Decision on revoking License within 7 working days from the effective date of this Decision.
The Decision took effect on the date of signing.