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PM approves establishment of Bao Viet Bank   2008-10-02 - VNA

Prime Minister Nguyen Tan Dung has approved the setting up of Bao Viet Joint Stock Commercial bank, or Bao Viet Bank, with a chartered capital of 1.5 trillion VND (90.36 million USD).

Minister of Finance Vu Van Ninh at the opening ceremony of

Governor of the State Bank of Vietnam (VBS) Nguyen Van Giau spoke with the Enghish language daily Vietnam News on October 1 and stated that Bao Viet Bank would be granted an official licence when the bank finalises paperwork.

Hanoi based Bao Viet Bank has three founding shareholders holding 56 percent of the stake, including Bao Viet Group with 40 percent, Southeast Asia Bank (SeABank) and Vietnam dairy Products Joint Stock Co (Vinamilk).

By the end of last year, the central bank said 12 applications to set up banks had been submitted. However, so far only Lien Viet Bank and Tien Phong Bank have been granted operation licences.

Prime Minister Dung on October 1 also ordered the SBV to review criteria for setting up new commercial banks.

The central bank has to review criteria on individual founding shareholders, general directors and members of executive boards in order to ensure strict management and effective operation of the banks.

The SBV also has to apply these new criteria to existing joint stock banks in order to ensure the consistence, stability, safety and effectiveness of the whole banking system.

The central bank will have to perfect and draft a new decree on the setting up and operation of commercial joint stock banks to be submitted to the Prime Minister for approval.



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