Revocation of the license to open a representative office for Fortis Bank.

The State Bank of Vietnam also issued a document to Fortis Bank regarding the revocation of its license to open a representative office.

On July 8, 2013, the State Bank of Vietnam (SBV) issued Decision No. 1516/QD-NHNN revoking the license to open a representative office of Fortis Bank in Ho Chi Minh City.

Accordingly, the Governor of the State Bank of Vietnam revoked Representative Office License No. 06/NH-GPVP dated November 29, 1994; Representative Office Extension License No. 27/NH-GPVP dated November 24, 1997, issued by the State Bank of Vietnam to Generale Bank SA; Decision No. 354/1999/QD-NHNN5 dated October 6, 1999, on changing the name of the Generale Bank SA Representative Office in Ho Chi Minh City to Fortis Bank Representative Office in Ho Chi Minh City; and Representative Office Extension License No. 18/VPGP2-NHNN5 dated November 21, 2000, issued by the State Bank of Vietnam to Fortis Bank in Ho Chi Minh City.

This decision takes effect from the date of signing.

On the same day, the State Bank of Vietnam also issued document No. 4866/NHNN-TTGSNH to Fortis Bank regarding the revocation of the license to open a representative office of Fortis Bank in Ho Chi Minh City.

This document states that, based on the regulations in Circular No. 34/2011/TT-NHNN dated October 28, 2011, guiding the procedures for revoking licenses and liquidating assets of credit institutions and branches of foreign banks; and the procedures for revoking licenses of representative offices of foreign credit institutions and other foreign organizations operating in Vietnam, the State Bank of Vietnam requires Fortis Bank (through BNP Paribas Bank – Ho Chi Minh City Branch) to complete the remaining procedures to terminate operations and close the representative office as stipulated in Clause 1, Article 10 of Circular No. 34, and simultaneously submit a written report to the State Bank of Vietnam on the completion of the above procedures and the archiving of records and documents of Fortis Bank's representative office after the State Bank of Vietnam revokes the license.

According to (vov.vn) - LT