Circular No. 01/2022/TT-NHNN dated January 28th, 2022 of the State Bank on amendment to Circular No. 21/2013/TT-NHNN dated September 9, 2013 of the Governor of State Bank of Vietnam on operation network of commercial banks

One of the important amendments of this Circular is allowing commercial banks to decide whether to change name of domestic branches, transaction offices and they are only required to produce reports on the name change and submit to SBV branches where the head office of domestic branches and transaction offices are located within 5 working days from the date on which the domestic branches and transaction offices operate under the new name. Under the earlier regulations, they had to wait for the approval of SBV branches.

In addition, before opening domestic branches and transaction offices, commercial banks are only required to submit reports on satisfaction of requirements for opening domestic branches and transaction offices to SBV braches where the domestic branches and transaction offices are located. Under the earlier regulations, they had to wait for the appraisal and written consent of SBV branches.

In case of voluntary termination of domestic branches, commercial banks may submit the applications to SBV branches where the head office is located. Under the earlier regulations, they had to submit the applications to the SBV

This Decree takes effect from March 15th, 2022.

To abrogate clause 3 Article 1 of Circular No. 14/2016/TT-NHNN dated August 30th, 2019.