Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, Bitcoin and Cryptocurrencies

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.

Other news

Banks busy as rates begin to fall   2008-10-02

Banks need VND11tril in 4 months   2008-10-02

VND/US$ exchange rate to remain stable amid crisis   2008-10-02

Real estate market motionless, real estate share items fluctuate   2008-10-02

BUSINESS IN BRIEF 2/10   2008-10-02

Many cement projects still not up by year’s end   2008-10-02

Offices for lease in Hanoi unable to find customers   2008-10-02

To conquer Japan, Vietnam needs to study EPA: minister   2008-10-02

Vietnam announces melamine-tainted products   2008-10-02

Vietnam’s CPI estimated to rise 0.2 percent in October   2008-10-02

Construction starts on Vietnam’s largest resort complex   2008-10-02

Republic of Korea eyes Vietnamese potential   2008-10-02

Vietnamese banks safe from global financial crisis   2008-10-01

Imported meat unmarketable   2008-10-01