Please let us about regulation of issuing the Certificate of establishment and operation of Joint-stock Commercial Bank?
On 07 June 2007, the State Bank of Vietnam issued Decision No.24/2007/QD-NHNN (“Decision”) on promulgating the Regulation of issuing Certificate of establishment and operation of Joint-stock Commercial Bank.
Accordingly, Joint-stock Commercial Bank must shall have at least 100 shareholders taking part in contributing capital to establish the bank, of which at least 03 founding shareholders are organizations who have legal entity status and fully meet requirements such as: at least 05 years of operating timeline; at least 500 millions VND of owner’s capital in case of enterprise; 03 consecutive years of profitable business from the date of asking permission to establish bank; in case of commercial bank, total assets must be at least 10,000 billions VND, bad debt rates must be less than 2 per cent of the amount of total remaining debt as of the date of asking to contribute capital; 03 consecutive years of profitable business; Shareholder who is an individual is entitled to own the maximum of 10 per cent of charter capital of a bank; shareholder who is an organization is entitled to own the maximum of 20 per cent of charter capital of a bank; shareholder and related persons are entitled to own the maximum of 20 per cent of charter capital of a bank; founding shareholders must mutually own 50 per cent charter capital when establishing bank of which founding shareholders who are organization must mutually own at least 50 per cent of founding shareholders’ total amount of shares.
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