On 30/11/2018, The State Bank of Vietnam has issued Circular No 28/2018/TT-NHNN amending and supplementing a number of articles of Circular No. 40/2011/TT-NHNN on 15/12/2011 of the Governor of the State Bank of Vietnam provides for the licensing and organization of operation of commercial banks, foreign bank branches, representative offices of foreign credit institutions and others foreign organizations have banking operations in Vietnam. This Circular takes effect on 15/01/2019.
Circular No. 28/2018/TT-NHNN amending and supplementing regulations on dossiers of application for establishment licenses and organization of operation of foreign commercial banks. Accordingly, the files of the founding shareholders include:
a) For individuals;
(i) Share purchase application for individuals;
(ii) Table of the declaration of related persons;
(iii) Apart from the mentioned above components, the founding shareholders must also have the following documents:
– Curriculum vitae as prescribed; The judicial record shall be issued by the agency managing the judicial record database, which must contain complete information on the criminal records (including previous criminal convictions and previous criminal convictions). Information on the ban on holding posts, establishment, management of enterprises, cooperatives;
The judicial record must be issued by the competent authority no later than 06 (six) months prior to the date of submission of the application file;
– The financial report of three consecutive years preceding the year of submission of the dossiers of application for licenses of enterprises shall be managed by founding shareholders or copies of university degrees or postgraduate degrees in economics or law.;
– A list of assets valued at VND 100 million or more, debts and documents relating to the individual.
Thus, Circular number 28/2018/TT-NHNN amending and supplementing of the operation of the management, control and administration apparatus of the foreign commercial banks in the dossiers of application for licenses shall be amended and supplemented in a detailed, specific and clearer manner on establishment and organization of activities. Thereby contributing to improving quality as well as reducing risks in the management of commercial banks in particular and foreign credit institutions in general.