On November 9th 2018 the State Bank of Vietnam (SBV) issued Decision No.2213/QD-NHNN supplementing an operation to the License of United Overseas Bank Limited (Vietnam).
Accordingly, the SBV Governor approved the supplementation of the operation of “Trading and providing interest rate derivatives” to the operations listed in Paragraph 19 of Article 4 of License No.57/GP-NHNN dated September 21st, 2017 on the Establishment and Operations of a 100% foreign-owned bank granted to United Overseas Bank Limited (Vietnam).
When implementing the above operation, United Overseas Bank Limited (Vietnam) is responsible for complying with the provisions of Circular No.01/2015/TT-NHNN dated January 6th, 2015 by the Governor of the SBV regulating the operations of trading and providing interest rate derivatives by commercial banks and foreign bank branches.
At the same time, United Overseas Bank Limited (Vietnam) is responsible for implementing the procedures in line with Paragraph 3 of Article 18b of Circular No.40/2011/TT-NHNN dated December 15th, 2011 on granting licenses to commercial banks, foreign bank branches and representative offices of foreign credit institutions and other foreign institutions with banking operations in Vietnam (as amended and supplemented by Circular No.17/2017/TT-NHNN dated November 20th, 2017). At the same time, the above mentioned operation shall also be conducted in accordance with the provisions of the law and the guidance of the SBV.
This Decision takes effect from the date of signing and is an integral part of License No.57/GP-NHNN dated September 21st, 2017 granted to United Overseas Bank Limited (Vietnam).
VA