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Five domestic banks to get licenses in 2008


January 11, 2008

Five domestic banks to get licenses in 2008

The State Bank of Vietnam (SBV) has announced plans to license at least five commercial banks in 2008,local newspaper Vietnam News reported Thursday.

With a charter capital of over one trillion Vietnamese dong (VND) (62.5 million U.S. dollars) each, the banks' founding shareholders are leading domestic firms in construction, mining, chemical or banking sectors, the newspaper said.

Last month, the SBV gave in-principle approval for the establishment of four commercial banks whose founding shareholders are leading petroleum, software or insurance enterprises.

The SBV has so far received a number of applications from foreign banks to establish branches. Six applications to set up wholly foreign-owned banks are also pending.

"These applications are all completed in accordance with regulations of the central bank and the government. So, the SBV expects that all will be granted licenses without having to jump through any more hoops," the newspaper quoted SBV governor Tran Van Giau as saying.

Vietnam currently houses five state-owned commercial banks, one bank for social policies, one bank for development, one institution for deposit insurance, 37 joint stock commercial banks,nine finance companies (two wholly foreign-invested and seven domestic), 12 finance leasing firms (three wholly foreign-invested and nine domestic), 960 public credit unions, five joint venture banks, and 39 branches of 28 foreign banks, the newspaper said.

Courtesy Xinhua

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