National Australia Bank Limited stops working in Vietnam

June 25, 2019 | 08:21

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National Australia Bank Ltd.'s five-year presence in Vietnam comes to an end as the State Bank of Vietnam (SBV) decided to revoke the license of its representative office in the country.

national australia bank limited stops working in vietnam

National Australia Bank Ltd. will no longer appear in Vietnam. Source: National Australia Bank

The SBV’s Governor Le Minh Hung issued Decision No.1197/QD-NHNN, which has been in effect since June 7, to withdraw Licence No.06/GP-NHNN dated July 15, 2014 including National Asutralia Bank's permit for opening its representative office in Hanoi.

National Australia Bank Ltd. is legally obliged to perform procedures of stopping operation in Vietnam in line with Article 18 (1) of Circular No.24/2017/TT-NHNN on December 29, 2017, stipulating the procedures of withdrawing licenses and asset liquidation for credit institutions and branches of overseas banks.

Within seven days since June 7, National Australia Bank Ltd’s representative office in Hanoi has to publish the SBV’s decision in a daily print newspaper’s three following editions or in a local online newspaper.

A source of thegioitiepthi.vn stated that the bank stops operation in Vietnam to restructure in line with the decision of its parent company headquartered in Australia. National Australia Bank Ltd. is resolving its problems related to procedures in accordance with Vietnamese regulations.

By Hoang Van

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