On August 12, 2019, the State Bank of Vietnam (SBV) issued Decision No. 1681/QD-NHNN revoking the license of the representative office of the Agricultural Bank of China Limited in Hanoi.
Accordingly, the SBV Governor has decided to revoke License No. 202/GP-NHNN dated October 2, 2012 for the establishment of the representative office of the Agricultural Bank of China Limited in Hanoi.
The Agricultural Bank of China Limited is responsible for implementing the procedures for terminating its operations and closing its representative office in line with Paragraph 1 of Article 18 of Circular No. 24/2017/TT-NHNN dated December 29, 2017 stipulating the sequences and procedures of revoking licenses and liquidating assets of credit institutions and foreign banks’ branches; the sequences and procedures of revoking licenses of representative offices of foreign credit institutions and other foreign institutions with banking operations, as well as other applicable laws.
Within seven (7) working days from the effective date of this Decision, Hanoi Rep. Office of the Agricultural Bank of China Limited is requested to publicize the Decision on a daily national newspaper for three consecutive days, or on Vietnamese electronic news media for seven (7) working days; and publicizing the Decision at its representative head office in Vietnam.
Decision No. 1681/QD-NHNN took effect from the date of signing.
Le Hang