On May 22nd, 2018, the State Bank of Vietnam (SBV) issued a Decision No. 1112/QD-NHNN approving the purchase, sale or transfer of all contributed capital of Vietnam Posts and Telecommunications Group at Post and Telecommunication Finance Co., Ltd. to Southeast Asia Commercial Joint Stock Bank (SeaBank).
According to the Decision, within 3 months from the effective date of this Decision, the parties involved in the purchase, sale or transfer must complete the above mentioned purchase, sale or transfer. If the parties involved in the purchase, sale or transfer do not perform the purchase, sale or transfer of contributed capital with the time limit, this Decision shall automatically cease to be effective.
The Decision clearly states that the Post and Telecommunication Finance Co., Ltd. is responsible for reporting to the SBV on the results of the purchase, sale or transfer of contributed capital, together with documents proving the completion of the purchase, sale or transfer within 05 working days, from the date of completion of the purchase, sale or transfer of contributed capital.
At the same time, Post and Telecommunication Finance Co., Ltd. must carry out procedures to request the SBV to amend and supplement the License of the Post and Telecommunication Finance Co., Ltd. as stipulated in Paragraph 6 of Article 10 Circular No. 25/2015/TT-NHNN dated December 29th, 2017 specifying the dossiers, order and procedures for approving changes of non-bank credit institutions (in cases where the purchase, sale or transfer of contributed capital leads to the modification or supplementation of contents of the License).
VA