The Governor of the State Bank of Vietnam (SBV) issued a decision on revoking the License of Representative Office of Kookmin Bank and Commonwealth Bank of Australia in Hanoi on April 8 and 10 respectively.
Commonwealth Bank of Australia and Kookmin Bank are responsible for carrying out procedures for terminating operation, closing Representative Office in accordance with the order, procedures for revocation of License and liquidation of assets of the credit institution, foreign bank branches, and relevant provisions of current law.
Within seven working days after the effective date of the decision, the representative offices of the two banks in Hanoi must announce the decision to revoke the license in a daily newspaper printed nationwide in three consecutive issues or Vietnamese electronic newspaper within seven working days and must be posted at the representative office’s office.
By the end of 2019, Vietnam has 50 representative offices of foreign banks mainly from South Korea, Japan, and Taiwan. After revoking these two licenses, the number of units decreased to 48.
