On July 11, 2022, the State Bank of Vietnam (SBV) issued Document No. 4736/NHNN-TTGSNH approving of the request of the Military Joint Stock Commercial Bank (MB) to establish its wholly-owned bank in Cambodia.
Accordingly, the SBV has allowed the MB to establish its wholly-owned bank in Cambodia on the basis of transforming its current branch in Cambodia, specifically as follows:
Full name: MB Cambodia Bank, Public limited Company; abbreviated name: MBCambodia.
The address of MBCambodia’s head office is: No. 146 Preah Norodom Avenue, Tonle Basak ward, Chamkar Mon district, Phnom Penh, the Kingdom of Cambodia.
The Document clearly requires the MB to take responsibility for terminating the operations and closure of its current branch in Cambodia in compliance with the Cambodian laws and the Vietnamese relevant legal regulations; submitting a written report to the SBV (via the Banking Supervision Agency) and the SBV-Hanoi branch at least 14 working days before the date of the termination of operations and closure of its branch in Cambodia, which clearly identifies the reason(s) for and the date of the termination of operations.
In the same Document, the MB is requested to implement the procedures for inaugurating its wholly-owned bank in Cambodia in accordance with the Cambodian applicable laws, and to submit a written report to the SBV (via the Banking Supervision Agency) at least 14 working days before the start date of the new bank’s operations.
The Document will cease to be effective if the MB does not inaugurate its wholly-owned bank in Cambodia within 24 months from the date of its signing.
Le Hang