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Stricter rules for commercial banks

In Uncategorized on March 31, 2010 at 2:19 pm

Stricter rules for commercial banks

QĐND – Wednesday, March 31, 2010, 21:2 (GMT+7)

The State Bank of Vietnam issued Circular No 09/2010/TT-NHNN on March 26, regulating the establishment of commercial banks.

The new regulation provides that founding shareholders may not contribute authorised capital in the form of loans and will be held responsible for the legality of the contribution.

Founding shareholders are subject to strict financial capacity requirements and must be an enterprise duly established under the Law on Enterprises or a Vietnamese citizen not prohibited under Article 13.2 of the Law on Enterprises.

Commercial banks must have at least 100 shareholders, at least three of which are enterprises that have operated for at least five years, have capital of at least 500 billion VND (26.32 million USD) for five consecutive years prior to the year of the application to establish the commercial bank.

A bank serving as a founding shareholder of another bank must have assets of at least 50 trillion VND (2.63 billion USD).

The circular takes place 45 days after its issuance.

Source: VNA

Source: QDND

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