In the dynamic world of banking and finance, institutions occasionally find the need to adapt and evolve to meet the demands of their clients and the changing business landscape. One such adaptation is changing the name of a Transaction Office under a Branch of a Commercial Joint Stock Bank. Moreover, this process involves specific procedures and documentation to ensure that the transition is smooth and compliant with regulatory standards. In this discussion, we will delve into the essential documents and requirements that financial institutions need to prepare when undertaking this name change, shedding light on the steps involved in this vital financial operation.
Question:
Can you provide information about the documents required to change the name of a Transaction Office under a Branch of a Joint Stock Commercial Bank?
Answer:
– According to Article 29 of the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010, the State Bank of Vietnam must approve certain changes before they are implemented by credit institutions and branches of foreign banks. These changes include:
“1. A credit institution or foreign bank branch must obtain the State Bank’s written approval before carrying out procedures to change any of the following contents:
a/ Its name or place of its head office;
b/ Its charter or allocated capital, except the case specified in Clause 3 of this Article;
c/ Name or place of branch office of the credit institution;
d/ Contents, scope and duration of operation;
e/ Transfer of capital contributions of capital contributors; transfer of shares of major shareholders, transfer of shares which turns major shareholders into common ones and vice versa;
f/ Suspension of business operations for more than one working day, except cases of suspension in force majeure circumstances;
g/ Listing of stocks on a domestic or foreign stock exchange.”
– Therefore, the dossier to change the name of a Transaction Office under a bank’s branch includes the Notification of Change (Form II-13) as regulated in Circular No. 02/2019/TT-BKHĐT, and the approval document from the State Bank of Vietnam. If the person submitting the dossier is not the legal representative, a power of attorney for submission and a valid copy of their identity card or passport must be included.
Conclusion
In conclusion, changing the name of a Transaction Office under a Branch of a Commercial Joint Stock Bank is a process that requires careful attention to detail and adherence to regulatory guidelines. The right documentation and compliance with established procedures are essential for a seamless transition. Furthermore, financial institutions must navigate this process diligently to maintain their reputation, uphold regulatory standards, and continue serving their clients effectively. Additionally, by understanding and preparing the required documents outlined in this discussion, banks and financial organizations can confidently manage the process of renaming their Transaction Offices. Consequently, they ensure a successful transition in the ever-evolving world of finance.
HMLF is always available to offer assistance in understanding the procedures with authorities.
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
