Vietnam: Application for dissolution of credit institutions, branches of foreign banks

10:42, 16/01/2018

The State Bank of Vietnam issued Circular No. 24/2017/TT-NHNN on procedures for revocation of licenses and asset liquidation of credit institutions, branches of foreign banks.

According to Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, application for dissolution of credit institutions, branches of foreign banks are specified as follows:

- An application form for dissolution signed by the legal representative of the credit institution or parent bank;

- The plan for asset liquidation approved by the competent decision-maker;

- A minutes, resolution, or decision of the competent decision-maker on adoption of dissolution or plan for asset liquidation;

- In case the branch of foreign bank applies for dissolution at the request of the parent bank, the documents must have a record, resolution, or decision of the parent bank on the dissolution or ceased operation of the foreign bank's branch;

- A report on results of valuation, asset valuation, due diligence of business;

- A financial statement of the credit institution or branch of foreign bank of the year preceding the year of application for dissolution and the nearest quarter before the time of application for dissolution, audited by an independent audit organization as per the law.

View detailed application at Circular No. 24/2017/TT-NHNN of the State Bank of Vietnam, effective from February 26, 2018.

- Thanh Lam -

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