Converting the Central People's Credit Fund into a Cooperative Bank

The State Bank of Vietnam said that the Governor of the State Bank has approved the conversion of the Central People's Credit Fund (CPF) into a Cooperative Bank.

To be considered and granted a License to establish and operate a Cooperative Bank by the State Bank, the Central People's Credit Fund must complete the documents and procedures as prescribed in Articles 16 and 17 of Circular No. 31/2012/TT-NHNN dated November 26, 2012 regulating the operations of Cooperative Banks.

Previously, the Central People's Credit Fund held a Congress to transform into the Cooperative Bank of Vietnam. Accordingly, the Central People's Credit Fund will transform into the Cooperative Bank of Vietnam, abbreviated as the Cooperative Bank (NHHT), with the English name Co-operative Bank of Vietnam, abbreviated as Co-oBank. The head office is located in Hanoi and has an operating period of 99 years, from the date of being granted the license and a charter capital of 3,000 billion VND...
According toLaw on credit institutionsCooperative Bank is a bank of all people's credit funds established by people's credit funds and some legal entities contributing capital according to regulations with the main goal of linking the system, providing financial support, and regulating capital in the system of people's credit funds.

According to (Chinhphu.vn) – LT