SBV permits Busan Bank to establish Ho Chi Minh City Branch

Accordingly, the SBV allow Busan Bank, based in Korea, located at No.30, Munhyeongeumyyung-ro, Nam-gu, Busan, Korea to establish new branch in Ho Chi Minh city of Socialist Republic of Vietnam with full name: Busan Bank Co., Ltd - Ho Chi Minh City Branch. The new branch locates at Room 1502, 15th floor, Kumho Asiana Plaza Saigon Building, 39 Le Duan street, District 1, Ho Chi Minh city.

Busan Bank - Ho Chi Minh City Branch’s charter capital is USD 35 million. The operation duration of Busan Bank - Hochiminh City Branch is 99 years from the signing date of this License.

Busan Bank - Ho Chi Minh City Branch is allowed to provide services and operations in line with operation of a commercial bank in accordance to SBV regulations and relevant laws, including:

(i) Receiving demand and time deposits, saving and other type of deposit;

(ii) Granting credit under the following forms: lending, discounting, rediscounting negotiable instruments and other valuable Papers, banking guarantees, credit cards issuance, domestic factoring;

(iii) Opening accounts for customers;

(iv) Providing internal payment services including: means of payment; check payment services, payment orders, cash in – cash out, credit letters, bank cards…;

(v) Opening accounts includes: opening account at the SBV; opening account at other credit institutions and branches of other foreign banks;

(vi) Establishing internal payment system and participating in national interbank system;

(vii) cash management and financial banking advisory services; asset preservation, safe-deposit box for lease services;

(viii) consulting on enterprise finance, mergers and acquisitions (M&A) and investment;

(ix) participating in the bidding, purchasing and sales of Treasury bills, negotiable instruments, government bonds, SBV bills and other valuable papers in money market;

(x) Purchasing government and enterprise bonds;

(xi) Conducting currency brokerage services;

(xii) Issuing deposit certification, bonds, treasury bills and bonds to mobilize capital in accordance with the Law on Credit Institutions, Vietnam Securities Law, the Government’s regulations and the SBV’s guidance;

(xiii) Borrowing from the SBV in refinancing form in line with the Law on the State Bank of Vietnam and the SBV’s guidance;

(xiv) Borrowing, lending, depositing, receiving capital from credit institutions, branches of foreign banks, domestic and foreign credit institutions in accordance with law and the SBV’s guidance;

(xv) Conducting trustor and trustee services, agents in the fields related to banking activities, insurance business, asset management in line with the law and SBV’s guidance;

Busan Bank - Ho Chi Minh City Branch is required to comply with Vietnam’s law. The License comes into force from the date of signing.

Thoa Le