On December 3, 2018, the State Bank of Vietnam (SBV) issued License No. 117/GP-NHNN on the establishment of a foreign bank branch.
Accordingly, the SBV Governor allowed Kookmin Bank to establish a branch in Hanoi with an operational duration of 99 years and the charter capital of USD 35 million. The new branch’s address is located on 25th Floor Keangnam Hanoi Landmark Tower, E6, Cau Giay new urban area, Me Tri ward, Nam Tu Liem district, Hanoi.
Kookmin Bank – Hanoi Branch is permitted to perform the operations of a commercial bank in accordance with the applicable laws and the SBV regulations, including: (i) Receiving 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 the 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 the treasury bills, and the trading of negotiable instruments, the government bonds, the treasury bills, the SBV bills and other valuable papers in the money market; (x) Trading of corporate and the Government bonds; (xi) Providing the services 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, other 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.
Kookmin Bank – Hanoi Branch is required to comply with the applicable laws of Vietnam.
The License took effect from the date of signing.
Le Hang