Australian bank’s representative office licence withdrawn

Thursday, Jun 27, 2019 13:55

The logo of the National Australia Bank Limited. — Photo NAB

Governor of the State Bank of Viet Nam Le Minh Hung has issued a decision withdrawing the business licence of the National Australia Bank Limited’s representative office in Ha Noi.

Under the decision, the representative office must halt operations and shut down, as well as liquidate its assets according to Vietnamese law from mid-June, the SBV news portal stated.

The lender must also make public the central bank’s decision on the media and post a notice at the headquarters of the representative office.

Online newspaper cited a close source from the SBV saying the representative office in Ha Noi must stop operations to undergo restructuring, per the decision of the parent bank in Australia.

The SBV licensed the National Australia Bank to establish a representative office in Ha Noi in July 2014, with an operational term of five years.

The office was tasked with communicating, conducting market research and speeding up investment projects run by the National Australia Bank Limited in Viet Nam. It was also oversaw the execution of contracts signed between the bank and Vietnamese credit institutions and enterprises. — VNS

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