Governor Le Minh Hung of the State Bank of Vietnam has issued a decision to withdraw the operating license of the National Australia Bank Limited’s representative office in Hanoi, the local media reported.
Given the decision, the bank will have to stop operations and shut down the office as well as liquidate its assets, per Circular 24. Besides this, the lender must announce the central bank’s decision to the media and post a notice at the headquarters of the representative office.
According to a source from The Gioi Tiep Thi Online, the representative office in Hanoi must stop operations to undergo restructuring, per the decision of the parent bank in Australia.
In July 2014, the State Bank of Vietnam granted a license to the National Australia Bank to establish a representative office in Hanoi, with an operational term of five years.
The office was tasked with communicating, conducting market research and speeding up investment projects run by the National Australia Bank Limited in Vietnam. Besides this, the office oversaw the execution of contracts signed between the bank and Vietnamese credit institutions and enterprises and of projects sponsored by the bank in the country.
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