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Banking & Finance

Societe Generale S.A bank terminated in Vietnam

Released at: 11:53, 07/04/2015

Societe Generale S.A bank terminated in Vietnam

Twenty years of operation in the city coming to an end.

by Hung Nguyen

On April 4, the State Bank of Vietnam (SBV) revoked Societe Generale S.A's license to open representative offices in Ho Chi Minh City. The license was dated back to August 29, 1995.

Compliance must be taken within five working days of having received the notice, with the Bank to implement all procedures for the termination of operation in Ho Chi Minh City, including returning the certificate of registration, cancellation of office leases and the payment of all obligations and liabilities (if any) for individuals, organizations and related parties in accordance with Vietnamese law.

The representative office of Societe Generale S.A at Ho Chi Minh City is responsible for propagating the decision on its revoked license around its office within seven working days.

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