SBV revises Sacombank’s License

Accordingly, the SBV Governor has approved of the supplementation of two (02) additional operations as Paragraph 23 and Paragraph 24 to Article 4 of the License for the Establishment and Operations of Sacombank, to read as follows:

“23) Trading and supplying interest rate derivatives in the domestic market in line with the provisions of law and the guidance of the SBV, with the following specific scope of operation:

a. Single-currency interest rate swaps;

b. Cross-currency interest rate swaps.

24) Purchasing debts in accordance with the provisions of law and the guidance of the SBV.”

Sacombank shall be responsible for implementing the above-mentioned operations in line with the provisions of law and the guidance of the SBV; Regularly updating the policies, regulations and the internal procedures on the business operations, supplying the interest rate derivatives and purchasing debts in order to make prompt adjustments, amendments and supplementations to ensure consistency with the applicable provisions of law and the guidance of the SBV; making sure to have appropriate mechanisms to control and manage the business risks in providing interest rate derivatives and purchasing debts; Implementing the applicable procedures in line with Paragraph 3 of Article 18b of Circular No. 40/2021/TT-NHNN dated December 15, 2011 of the SBV Governor stipulating the licensing, organization and operations of commercial banks, foreign bank branches, representative offices of foreign credit institutions, other foreign institutions with banking operations in Vietnam (as amended and supplemented) regarding the newly added operations.

This Decision took effect from the date of signing and is an integral part of the License for the Establishment and Operations No. 111/GP-NHNN dated November 09, 2018 issued by the SBV Governor to Sacombank.

LK