On September 7, 2020, the State Bank of Vietnam (SBV) issued Decision No. 1577/QD-NHNN on supplementation of operations in the License for the establishment and operations of Vietnam Construction Commercial One Member Limited Liability Bank (Construction Bank).
Accordingly, the SBV Governor has approved the supplementation of the operations of "Insurance Agency" to Article 2 of License No. 0047/NH-GP dated December 29, 1993 granted to the Construction Bank.
When implementing the insurance agency operations, the Construction Bank 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). In addition, the Construction Bank is also required to perform the insurance agency operations in accordance with the applicable laws.
The Decision took effect on the date of signing and is an integral part of License No. 0047/NH-GP dated December 29, 1993 issued by the SBV Governor to the Construction Bank.
VA