The State Bank of Vietnam's (SBV) permanent deputy governor, Tran Minh Tuan, on January 6 officially granted operation licenses to representatives from Shinhan Vietnam One Member Ltd Bank (Shinhan Vietnam Bank Ltd-SHBVN) and Hong Leong Bank Vietnam Ltd (HLBVN).
According to the License No 341/GP-NHNN and another License No 342/GP-NHNN issued by SBV's governor on December 29, 2008, these banks are 100% foreign owned banks in Vietnam which were established by Korea-based Shinhan Bank (SHB) and Malaysia's Hong Leong Bank Berhad.
These banks have an operational license of 99 years under the model of commercial banks.
SHBVN has a chartered capital of 1.67 trillion dong financed by Shinhan Bank and HLBVN's chartered capital is one trillion dong provided by Hong Leong Bank Berhad.
SHBVN and HLBVN are allowed to carry out banking services such as capital mobilisation, credit activities, payment service and other banking operations according to the current law.
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