Two new wholly foreign invested banks licensed
09:18 | 30/12/2008
VGP – The Governor of the State Bank of Việt Nam (SBV) yesterday granted licenses to Shinhan Bank (SHB, Republic of Korea) and Hong Leong Bank Berhad (HLB, Malaysia) to open their wholly foreign invested banks in Việt Nam.

Headquarters of Shinhan Bank in Seoul

According to the licenses, Shinhan Vietnam Bank Limited (SHBVN) and Hong Leong Bank Vietnam Limited (HLBVN) will operate as commercial banks in Việt Nam for 99 years.

SHBVN owns a charter capital of VND 1,670 billion while HLBVN receives VND 1,000 billion from its parent company, HLB.

SHBVN and HLBVN are permitted to engage in mobilizing capital and credits; payment and budget services; and other activities mentioned in their licenses.

They can provide foreign exchange services in domestic and international markets only after SBV certifies their registration.

So far, five wholly foreign invested banks have been licensed. Earlier, Standard Chartered, HSBC, and ANZ were allowed to operate in Việt Nam for 99 years.

By Xuân Hồng

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