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In-house banks get official OK

VNGOP – The State Bank of Việt Nam (SBV) has agreed in principle to a plan that will see another four joint stock banks established in Viet Nam with chartered capital ranging from VND 1-5 trillion (US $62.5-312.5 million).

12/03/2007 07:14

The proposal approved on November 30 concerned FPT, Bảo Việt, Liên Việt, and Financing and Oil and Gas, said SBV Governor Nguyễn Văn Giàu.

All four companies still have to file for an operational license.

Upon approval, these banks will be legally required to develop technology infrastructure and human resources and mobilize enough chartered capital, he said. If all goes well, they become operational in December.

Mr. Giàu expects the documents to be signed and published on SBV’s website on December 3 at the latest.

Shareholders cannot transfer shares within three years of the bank’s founding.

The central government stipulates that joint stock banks founded this year and next year must obtain chartered capital of at least VND 1 trillion. Banks established after December 31, 2008, will have to have at least VND 3 trillion in chartered capital.

Of the nation’s 35 joint stock banks, Saigon Thương Tín Commercial Bank (Sacombank) has the largest chartered capital, VND 4.5 trillion (US $281.3 million), followed by Asia Commercial Bank (ACB) with VND 2.5 trillion (US $156.3 million).

(Source: VNA)