The State Bank of Vietnam, the country's central bank, has licensed the Bao Viet Commercial Joint Stock Bank, which has a registered capital of VND1.5 trillion (US$90.909 million), the third bank has been established so far after SBV started to tighten regulations on bank establishments in Aug this year, the newswire vnexpress.net said.
Of Bao Viet JS Bank’s capital, Bao Viet group holds a 52 per cent stake, Vinamilk owns a 8 per cent stake and CMC contributes a 9.9 per cent stake.
According to the new regulation, a stakeholder is allowed to own a maximal 20 per cent of the registered capital, however, Bao Viet have received permission from the prime minister to set up the bank.
By the end of July, SBV gave in-principle approval to ten commercial joint stock banks and so far only Tien Phong Bank and LienVietBank have been licensed and operational.
Within 12 months, Bao Viet joint stock bank must complete all paperwork to be operational. (www.vnexpress.net)
Vietnamese
