The State Bank of Vietnam (SBV) issued Documents on October 7 to permit the Bac A Joint- Stock Commercial Bank (Bac A Bank) to establish transaction offices in Hanoi, Ho Chi Minh City (HCMC) and Nghe An.
Accordingly, under Documents No. 7657/NHNN-TTGSNH, No. 7658/NHNN-TTGSNH and No. 7569/NHNN-TTGSNH, Bac A Bank is allowed to establish 01 transaction office in HCMC, 05 transaction offices in Hanoi and 03 transaction office in Nghe An respectively.
The SBV requires Bac A Bank to be responsible for implementing procedures to inaugurate and publicize newly established transaction offices in line with Circular No. 21/2013/TT-NHNN dated September 9, 2013 on operational network of commercial banks and the other applicable legal texts. The Documents will cease to be effective if the Bac A Bank does not inaugurate the above – mentioned transaction offices within 12 months from the date of signing.
DH