The State Bank of Viet Nam (SBV) has allowed Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) to change 11 savings funds into transaction offices in HCM City.

This was established under Document No 7541/NHNN-TTGSNH issued by the SBV last week.

VietBank was also permitted to establish two branches in HCM City.

The SBV requires VietBank to be responsible for implementing the procedures of inaugurating, registering and publicising the branches and transaction offices, in line with Circular No 21/2013/TT-NHNN dated September 9, 2013, on the operational network of commercial banks and other applicable legal texts.

The approval will cease to be effective if VietBank does not inaugurate the offices within 12 months from the date of signing, SBV noted.

VietBank currently has 100 transaction offices located at the main economic regions of the country.

It last year also successfully converted 19 savings funds into transaction offices in HCM City, Ha Noi, Khanh Hoa and Ba Ria-Vung Tau. — VNS