SBV agrees to French bank upgrading rep office to branch.
The State Bank of Vietnam (SBV) has recently given the French bank BNP Paribas permission to open a branch in Hanoi, which will be an upgrade of its representative office in the capital and be located at the Sofitel Plaza hotel
The branch has authorized capital of $75 million and its license has a life-span of 99 years.
It is permitted to conduct all activities of a commercial bank in accordance with the SBV’s laws and regulations, including raising capital, carrying out credit operations, providing payment services and treasury, and other activities listed on its license.
BNP Paribas is a French bank and financial services company with global headquarters in Paris. It was formed from the merger of Banque Nationale de Paris (BNP) and Paribas in 2000, becoming one of the world’s largest banks.
It first established a presence in Vietnam in 1989. The BNP Paribas Ho Chi Minh City branch was one of the first to be granted a full banking license for banking activities, in 1992.