The State Bank of Vietnam issued License No. 80/GP-NHNN dated December 28, 2017 on the establishment of a foreign bank branch.
Accordingly, the SBV allowed Agricultural Bank of China Limited to establish a branch in Hanoi with an operational duration of 99 years and the charter capital of USD 50 million. Its head office is located at Rooms No.901-907, 9th Floor, TNR Building, 54A Nguyen Chi Thanh, Lang Thuong ward, Dong Da district, Hanoi.
Agricultural Bank of China Limited – Hanoi Branch is permitted to perform commercial bank operations in accordance with applicable laws and the SBV regulations, including: (i) time and demand deposits, savings and other deposits; (ii) extending credit in such forms as lending, discounting and rediscounting of negotiable instruments and other valuable papers; bank guarantees; issuing credit cards, domestic factoring; (iii) Opening payment accounts; (iv) providing payment services in the domestic market: providing payment methods; performing services of payment in cheque, payment orders, encashment orders, letters of credit, bank cards, cash in and cash out; (v) opening accounts at the SBV, credit institutions and other foreign bank branches; (vi) internal payment, participating in the national inter-bank payment system; (vii) providing services of cash management, banking and finance consultancy, asset preservation and safe keeping; (viii) Providing consultancy services in the fields of corporate finance, M&A, and investment; (ix) participating in the biddings for treasury bills, and the tradings of negotiable instruments, government bonds, treasury bills, SBV bills and other valuable papers in the money market; (x) tradings of corporate and Government bonds; (xi) providing the service of money brokerage; (xii) issuing certificates of deposits, promissory notes, bills and bonds to mobilize capital in accordance with the Law on Credit Institutions, the Securities Law, the Government regulations and the SBV’s guidance; (xiii) borrowing from the SBV in the form of refinancing under the Law on the State Bank of Vietnam and the SBV’s guidance; (xiv) borrowing, lending, depositing and receiving of deposits of credit institutions, foreign bank branches, domestic and international financial institutions in line with the applicable laws and the SBV’s guidance; (xv) being a trustee and/or a trustor, acting as an agent in relation to banking operations, insurance and asset management in line with the applicable laws and the SBV’s guidance.
Agricultural Bank of China Limited – Hanoi Branch is required to comply with the applicable laws of Vietnam.
The License took effect from the date of signing.
Le Hang