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Chương III: Chuyển đổi hình thức pháp lý tổ chức tín dụng

Lưu
Báo lỗi
Tình trạng hiệu lực: Còn hiệu lực
Chương III
Chuyển đổi hình thức pháp lý tổ chức tín dụng
Điều 15. Nguyên tắc chuyển đổi hình thức pháp lý

1. Việc chuyển nhượng phần vốn góp, cổ phần, chào bán cổ phiếu phải tuân thủ quy định của Ngân hàng Nhà nước và quy định của pháp luật có liên quan.

2. Tổ chức tín dụng chỉ được chuyển đổi hình thức pháp lý phù hợp với hình thức pháp lý quy định tại Điều 6 Luật Các tổ chức tín dụng và quy định tại Thông tư này.

3. Bảo mật thông tin nhằm đảm bảo hoạt động ổn định của tổ chức tín dụng trước khi Phương án chuyển đổi hình thức pháp lý được cấp có thẩm quyền quyết định của tổ chức tín dụng thông qua. Các hồ sơ, tài liệu liên quan đến việc chuyển đổi hình thức pháp lý tổ chức tín dụng phải đảm bảo nguyên tắc thận trọng, trung thực, chính xác, không gây hiểu nhầm.

4. Nghiêm cấm việc tẩu tán tài sản dưới mọi hình thức. Việc chuyển nhượng, mua bán tài sản trong quá trình chuyển đổi hình thức pháp lý phải đảm bảo công khai, minh bạch, tuân thủ quy định của pháp luật và thỏa thuận của các bên, đảm bảo an toàn tài sản và không ảnh hưởng đến quyền lợi của tổ chức tín dụng, tổ chức và cá nhân liên quan đến việc chuyển đổi hình thức pháp lý.

5. Giấy phép thành lập và hoạt động của tổ chức tín dụng được chuyển đổi hình thức pháp lý hết hiệu lực khi tổ chức tín dụng chuyển đổi hình thức pháp lý khai trương hoạt động.

Điều 16. Điều kiện chuyển đổi hình thức pháp lý

1. Tổ chức tín dụng được chuyển đổi hình thức pháp lý phải có Phương án chuyển đổi hình thức pháp lý theo quy định tại Điều 18 Thông tư này và được cấp có thẩm quyền quyết định của tổ chức tín dụng thông qua.

2. Đối với trường hợp tổ chức tín dụng chuyển đổi từ công ty trách nhiệm hữu hạn thành công ty cổ phần, phải đáp ứng đầy đủ các điều kiện sau đây:

a) Điều kiện quy định tại khoản 1 Điều này;

b) Tổ chức tín dụng được chuyển đổi hình thức pháp lý phải đáp ứng điều kiện thực hiện chào bán cổ phiếu theo quy định của pháp luật có liên quan;

c) Cổ đông sáng lập (nếu có), cổ đông lớn, cổ đông chiến lược của tổ chức tín dụng chuyển đổi hình thức pháp lý phải đáp ứng điều kiện theo quy định của pháp luật đối với cổ đông sáng lập của tổ chức tín dụng khi thành lập mới;

d) Cổ đông, cổ đông chiến lược là nhà đầu tư nước ngoài của tổ chức tín dụng chuyển đổi hình thức pháp lý phải đáp ứng điều kiện theo quy định của pháp luật về nhà đầu tư nước ngoài mua cổ phần của tổ chức tín dụng Việt Nam;

đ) Tổ chức, cá nhân mua cổ phần phải bảo đảm tuân thủ quy định của pháp luật về tỷ lệ sở hữu cổ phần và quy định về mua, nắm giữ cổ phiếu của tổ chức tín dụng khác (đối với trường hợp tổ chức mua cổ phần là ngân hàng thương mại).

3. Đối với trường hợp tổ chức tín dụng chuyển đổi từ công ty trách nhiệm hữu hạn một thành viên thành công ty trách nhiệm hữu hạn hai thành viên trở lên và ngược lại, tổ chức tín dụng chuyển đổi từ công ty cổ phần thành công ty trách nhiệm hữu hạn, phải đáp ứng đầy đủ các điều kiện sau đây:

a) Điều kiện quy định tại khoản 1 Điều này;

b) Chủ sở hữu, thành viên góp vốn nhận chuyển nhượng, thành viên góp vốn mới của tổ chức tín dụng chuyển đổi hình thức pháp lý phải đáp ứng các điều kiện theo quy định của pháp luật đối với chủ sở hữu, thành viên sáng lập của tổ chức tín dụng khi thành lập mới;

c) Thành viên góp vốn nhận chuyển nhượng, thành viên góp vốn mới của tổ chức tín dụng chuyển đổi hình thức pháp lý phải tuân thủ quy định của pháp luật về tỷ lệ phần vốn góp.

Điều 17. Hồ sơ đề nghị chấp thuận chuyển đổi hình thức pháp lý

1. Hồ sơ đề nghị chấp thuận nguyên tắc chuyển đổi hình thức pháp lý:

a) Đơn đề nghị chấp thuận chuyển đổi hình thức pháp lý của tổ chức tín dụng theo mẫu quy định tại Phụ lục 02 ban hành kèm theo Thông tư này;

b) Văn bản của cấp có thẩm quyền quyết định của tổ chức tín dụng thông qua Phương án chuyển đổi; dự thảo Điều lệ; danh sách nhân sự dự kiến được bầu, bổ nhiệm các chức danh thành viên Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát, Tổng Giám đốc (Giám đốc) của tổ chức tín dụng chuyển đổi hình thức pháp lý và các vấn đề khác liên quan đến chuyển đổi hình thức pháp lý;

c) Phương án chuyển đổi hình thức pháp lý theo quy định tại Điều 18 Thông tư này;

d) Dự thảo Điều lệ tổ chức tín dụng chuyển đổi hình thức pháp lý đã được cấp có thẩm quyền quyết định của tổ chức tín dụng thông qua;

đ) Báo cáo tài chính trong 03 năm liền kề trước năm nộp hồ sơ đề nghị chấp thuận nguyên tắc chuyển đổi hình thức pháp lý được kiểm toán bởi tổ chức kiểm toán độc lập và không có ý kiến ngoại trừ. Trường hợp tại thời điểm nộp hồ sơ đề nghị chấp thuận nguyên tắc chuyển đổi hình thức pháp lý chưa có báo cáo tài chính của năm liền kề được kiểm toán thì nộp báo cáo tài chính chưa được kiểm toán. Tổ chức tín dụng phải nộp báo cáo tài chính được kiểm toán ngay sau khi tổ chức kiểm toán phát hành báo cáo kiểm toán. Tổ chức tín dụng phải chịu trách nhiệm về nội dung báo cáo tài chính đã nộp;

e) Dự thảo các quy định nội bộ cơ bản về tổ chức và hoạt động của tổ chức tín dụng chuyển đổi hình thức pháp lý, tối thiểu bao gồm các quy định nội bộ quy định tại khoản 2 Điều 101 Luật các tổ chức tín dụng và các quy định sau đây:

(i) Quy định về tổ chức và hoạt động của Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát, người điều hành;

(ii) Quy định về tổ chức và hoạt động của trụ sở chính, chi nhánh và các đơn vị phụ thuộc khác;

g) Danh sách nhân sự dự kiến được bầu, bổ nhiệm các chức danh thành viên Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát, Tổng giám đốc (Giám đốc) của tổ chức tín dụng chuyển đổi hình thức pháp lý;

h) Tài liệu chứng minh việc các nhân sự dự kiến đáp ứng đủ tiêu chuẩn, điều kiện đối với các chức danh thành viên Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát, Tổng giám đốc (Giám đốc) của tổ chức tín dụng chuyển đổi hình thức pháp lý theo quy định của Ngân hàng Nhà nước về thủ tục, hồ sơ chấp thuận danh sách dự kiến nhân sự của ngân hàng thương mại, tổ chức tín dụng phi ngân hàng và chi nhánh ngân hàng nước ngoài;

i) Tài liệu, thông tin cung cấp cho nhà đầu tư, trong đó tối thiểu phải có các nội dung sau đây: điều kiện đối với cổ đông sáng lập, cổ đông lớn, cổ đông chiến lược, cổ đông là nhà đầu tư nước ngoài, chủ sở hữu, thành viên góp vốn nhận chuyển nhượng, thành viên góp vốn mới của tổ chức tín dụng chuyển đổi hình thức pháp lý.

2. Hồ sơ đề nghị chấp thuận chuyển đổi hình thức pháp lý:

a) Văn bản của tổ chức tín dụng đề nghị:

(i) Chấp thuận chuyển đổi hình thức pháp lý;

(ii) Chấp thuận các nội dung khác (nếu có);

b) Hồ sơ đề nghị Ngân hàng Nhà nước chấp thuận quy định tại điểm a(ii) khoản này theo quy định của Ngân hàng Nhà nước và quy định của pháp luật có liên quan;

c) Điều lệ của tổ chức tín dụng chuyển đổi hình thức pháp lý được cấp có thẩm quyền quyết định của tổ chức tín dụng chuyển đổi hình thức pháp lý thông qua;

d) Văn bản của cấp có thẩm quyền quyết định của tổ chức tín dụng được chuyển đổi hình thức pháp lý thông qua các nội dung thay đổi tại Phương án chuyển đổi hình thức pháp lý và các vấn đề khác có liên quan đến việc chuyển đổi hình thức pháp lý (nếu có);

đ) Văn bản của tổ chức tín dụng được chuyển đổi hình thức pháp lý nêu rõ các nội dung thay đổi so với Phương án chuyển đổi hình thức pháp lý đã trình Thống đốc Ngân hàng Nhà nước chấp thuận nguyên tắc chuyển đổi hình thức pháp lý (nếu có);

e) Văn bản của cấp có thẩm quyền quyết định của tổ chức tín dụng chuyển đổi hình thức pháp lý thông qua Điều lệ; bầu, bổ nhiệm các chức danh thành viên Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát; quy định về tổ chức và hoạt động của Hội đồng quản trị, Hội đồng thành viên, Ban kiểm soát của tổ chức tín dụng chuyển đổi hình thức pháp lý và các vấn đề khác liên quan đến tổ chức tín dụng chuyển đổi hình thức pháp lý;

g) Văn bản của cấp có thẩm quyền quyết định của tổ chức tín dụng chuyển đổi hình thức pháp lý về việc bầu chức danh Chủ tịch Hội đồng quản trị, Chủ tịch Hội đồng thành viên; bầu chức danh Trưởng Ban kiểm soát; bổ nhiệm Chủ tịch, thành viên Hội đồng thành viên, thành viên Ban kiểm soát;

h) Văn bản của cấp có thẩm quyền quyết định của tổ chức tín dụng chuyển đổi hình thức pháp lý về việc bổ nhiệm chức danh Tổng giám đốc (Giám đốc), Phó Tổng giám đốc (Phó giám đốc), Kế toán trưởng;

i) Danh sách, mức và tỷ lệ góp vốn của các thành viên góp vốn, cổ đông sáng lập, cổ đông lớn, cổ đông chiến lược, cổ đông là nhà đầu tư nước ngoài của tổ chức tín dụng chuyển đổi hình thức pháp lý;

k) Các quy định nội bộ về tổ chức và hoạt động của tổ chức tín dụng chuyển đổi hình thức pháp lý quy định tại điểm e khoản 1 Điều này đã được cấp có thẩm quyền quyết định của tổ chức tín dụng chuyển đổi hình thức pháp lý thông qua;

l) Ngoài những hồ sơ quy định tại điểm a, b, c, d, đ, e, g, h, i, k khoản này, tổ chức tín dụng chuyển đổi từ công ty trách nhiệm hữu hạn thành công ty cổ phần nộp bổ sung các hồ sơ sau đây:

(i) Báo cáo kết quả chào bán cổ phiếu và xác nhận của ngân hàng thương mại nơi mở tài khoản phong tỏa về số tiền thu được từ đợt chào bán;

(ii) Hồ sơ của cổ đông sáng lập (nếu có), cổ đông lớn, cổ đông chiến lược của tổ chức tín dụng chuyển đổi hình thức pháp lý thực hiện theo hồ sơ đối với cổ đông sáng lập thành lập tổ chức tín dụng theo quy định của Ngân hàng Nhà nước về hồ sơ, thủ tục cấp Giấy phép lần đầu của tổ chức tín dụng.

(iii) Hồ sơ của cổ đông, cổ đông chiến lược là nhà đầu tư nước ngoài của tổ chức tín dụng chuyển đổi hình thức pháp lý theo quy định của Ngân hàng Nhà nước về hồ sơ, thủ tục chấp thuận việc nhà đầu tư nước ngoài mua cổ phần của tổ chức tín dụng Việt Nam;

m) Ngoài những hồ sơ quy định tại điểm a, b, c, d, đ, e, g, h, i, k khoản này, tổ chức tín dụng chuyển đổi từ công ty trách nhiệm hữu hạn một thành viên thành công ty trách nhiệm hữu hạn hai thành viên trở lên và ngược lại, tổ chức tín dụng chuyển đổi từ công ty cổ phần thành công ty trách nhiệm hữu hạn nộp bổ sung các hồ sơ sau đây:

(i) Hợp đồng chuyển nhượng phần vốn góp hoặc thỏa thuận góp vốn đầu tư hoặc giấy tờ xác nhận hoàn tất chuyển nhượng vốn;

(ii) Văn bản của tổ chức tín dụng được chuyển đổi hình thức pháp lý xác nhận tư cách thành viên góp vốn của tổ chức tín dụng chuyển đổi hình thức pháp lý;

(iii) Hồ sơ của chủ sở hữu, thành viên góp vốn nhận chuyển nhượng, thành viên góp vốn mới của tổ chức tín dụng chuyển đổi hình thức pháp lý thực hiện theo hồ sơ đối với chủ sở hữu, thành viên sáng lập thành lập tổ chức tín dụng theo quy định của Ngân hàng Nhà nước về hồ sơ, thủ tục cấp Giấy phép lần đầu của tổ chức tín dụng.

Điều 18. Phương án chuyển đổi hình thức pháp lý

1. Phương án chuyển đổi hình thức pháp lý phải được cấp có thẩm quyền quyết định của tổ chức tín dụng thông qua và được người đại diện hợp pháp của tổ chức tín dụng ký tên, đóng dấu và chịu trách nhiệm.

2. Phương án chuyển đổi hình thức pháp lý tối thiểu phải có các nội dung sau đây:

a) Tên, địa chỉ và trang thông tin điện tử (nếu có) của tổ chức tín dụng;

b) Tên, địa chỉ và số điện thoại liên lạc của chủ sở hữu, Chủ tịch và thành viên Hội đồng thành viên, Chủ tịch và thành viên Hội đồng quản trị, Trưởng ban và thành viên Ban kiểm soát, Tổng giám đốc (Giám đốc) của tổ chức tín dụng;

c) Lý do chuyển đổi hình thức pháp lý;

d) Tóm tắt tình hình tài chính và kết quả hoạt động của tổ chức tín dụng được chuyển đổi trong 03 năm liền kề trước năm đề nghị chấp thuận chuyển đổi hình thức pháp lý;

đ) Giá trị thực của vốn điều lệ trước và sau khi chuyển đổi hình thức pháp lý của tổ chức tín dụng; nợ xấu, các giới hạn, tỷ lệ bảo đảm an toàn trong hoạt động và việc tuân thủ các giới hạn, tỷ lệ này của tổ chức tín dụng trước khi chuyển đổi hình thức pháp lý;

e) Quyền lợi, nghĩa vụ của tổ chức tín dụng và các tổ chức, cá nhân có liên quan (nếu có);

g) Dự kiến về sơ đồ tổ chức, mạng lưới hoạt động và các vấn đề khác liên quan đến tổ chức và hoạt động của tổ chức tín dụng chuyển đổi hình thức pháp lý;

h) Phương án kinh doanh dự kiến trong 03 năm đầu của tổ chức tín dụng chuyển đổi hình thức pháp lý, trong đó tối thiểu phải bao gồm các nội dung: Phân tích thị trường, chiến lược, mục tiêu và kế hoạch kinh doanh; các báo cáo tài chính dự kiến của từng năm (báo cáo tình hình tài chính; báo cáo kết quả hoạt động, báo cáo lưu chuyển tiền tệ; các giới hạn, tỷ lệ bảo đảm an toàn trong hoạt động; các chỉ tiêu về hiệu quả hoạt động và thuyết minh khả năng thực hiện các chỉ tiêu tài chính trong từng năm);

i) Tỷ lệ phần vốn góp, sở hữu cổ phần; điều kiện đối với cổ đông sáng lập, cổ đông lớn, cổ đông chiến lược, cổ đông là nhà đầu tư nước ngoài, chủ sở hữu, thành viên góp vốn nhận chuyển nhượng, thành viên góp vốn mới của tổ chức tín dụng chuyển đổi hình thức pháp lý;

k) Phương thức chuyển đổi vốn góp, vốn cổ phần (bao gồm thời gian, hình thức, tỷ lệ chuyển đổi).

Điều 19. Thủ tục chấp thuận chuyển đổi hình thức pháp lý

1. Chấp thuận nguyên tắc chuyển đổi hình thức pháp lý:

a) Tổ chức tín dụng lập 01 bộ hồ sơ đề nghị chấp thuận nguyên tắc chuyển đổi hình thức pháp lý theo quy định tại khoản 1 Điều 17 Thông tư này và gửi Ngân hàng Nhà nước.

Trường hợp hồ sơ chưa đầy đủ, hợp lệ, trong thời hạn 30 ngày kể từ ngày nhận được hồ sơ, Ngân hàng Nhà nước có văn bản yêu cầu tổ chức tín dụng bổ sung, hoàn thiện hồ sơ;

b) Tổ chức tín dụng bổ sung, hoàn thiện hồ sơ trong thời hạn 30 ngày kể từ ngày Ngân hàng Nhà nước có văn bản yêu cầu bổ sung, hoàn thiện hồ sơ;

c) Trong thời hạn 60 ngày kể từ ngày nhận đủ hồ sơ hợp lệ, Ngân hàng Nhà nước có văn bản chấp thuận nguyên tắc chuyển đổi hình thức pháp lý tổ chức tín dụng, chấp thuận danh sách nhân sự dự kiến. Trường hợp không chấp thuận, Ngân hàng Nhà nước có văn bản nêu rõ lý do.

2. Trong thời hạn 07 ngày làm việc kể từ ngày Ngân hàng Nhà nước chấp thuận nguyên tắc chuyển đổi hình thức pháp lý, tổ chức tín dụng được chuyển đổi hình thức pháp lý thực hiện công bố thông tin theo quy định tại khoản 1 Điều 7 Thông tư này.

3. Chấp thuận chuyển đổi hình thức pháp lý:

a) Trong thời hạn 120 ngày kể từ ngày Ngân hàng Nhà nước chấp thuận nguyên tắc chuyển đổi hình thức pháp lý, tổ chức tín dụng gửi Ngân hàng Nhà nước 01 bộ hồ sơ đề nghị chấp thuận chuyển đổi hình thức pháp lý quy định tại khoản 2 Điều 17 Thông tư này. Quá thời hạn này, Ngân hàng Nhà nước không nhận được hồ sơ nêu trên thì văn bản chấp thuận nguyên tắc chuyển đổi hình thức pháp lý hết hiệu lực.

Trường hợp hồ sơ chưa đầy đủ, hợp lệ, trong thời bạn 20 ngày kể từ ngày nhận được hồ sơ, Ngân hàng Nhà nước có văn bản yêu cầu tổ chức tín dụng bổ sung, hoàn thiện hồ sơ;

b) Tổ chức tín dụng bổ sung, hoàn thiện hồ sơ gửi Ngân hàng Nhà nước trong thời hạn 45 ngày kể từ ngày Ngân hàng Nhà nước có văn bản yêu cầu bổ sung, hoàn thiện hồ sơ;

c) Trong thời hạn 30 ngày kể từ ngày nhận đủ hồ sơ hợp lệ, Ngân hàng Nhà nước có văn bản chấp thuận chuyển đổi hình thức pháp lý của tổ chức tín dụng theo mẫu quy định tại Phụ lục 06 ban hành kèm theo Thông tư này, cấp Giấy phép thành lập và hoạt động của tổ chức tín dụng và chấp thuận các nội dung khác (nếu có). Trường hợp không chấp thuận, Ngân hàng Nhà nước có văn bản nêu rõ lý do.

4. Trong thời hạn 45 ngày kể từ ngày văn bản chấp thuận chuyển đổi hình thức pháp lý có hiệu lực, tổ chức tín dụng công bố thông tin theo quy định tại khoản 2 Điều 7 Thông tư này; tổ chức khai trương hoạt động theo quy định của pháp luật.

5. Trong thời hạn 05 ngày làm việc kể từ ngày Giấy phép thành lập và hoạt động của tổ chức tín dụng được chuyển đổi hình thức pháp lý hết hiệu lực, tổ chức tín dụng được chuyển đổi hình thức pháp lý có trách nhiệm hoàn trả Ngân hàng Nhà nước Giấy phép thành lập và hoạt động đã hết hiệu lực và tổ chức tín dụng chuyển đổi hình thức pháp lý có văn bản báo cáo việc hoàn tất chuyển đổi hình thức pháp lý gửi Ngân hàng Nhà nước.

THE STATE BANK OF VIETNAM
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THE SOCIALIST REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
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No. 62/2024/TT-NHNN

Hanoi, December 31, 2024

 

CIRCULAR

PRESCRIBING CONDITIONS, DOCUMENTATION REQUIREMENTS AND PROCEDURES FOR APPROVAL FOR REORGANIZATION OF COMMERCIAL BANKS AND NON-BANK CREDIT INSTITUTIONS

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to the Law on Enterprises dated June 17, 2020;

Pursuant to the Competition Law dated June 12, 2018;

Pursuant to the Government's Decree No. 102/2022/ND-CP dated December 12, 2022 prescribing functions, tasks, powers and organizational structure of the State Bank of Vietnam (SBV);

At the request of the Head of the SBV Banking Supervision Agency;

The Governor of the State Bank of Vietnam promulgates a Circular prescribing conditions, documentation requirements and procedures for approval for reorganization of commercial banks and non-bank credit institutions.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

1. This Circular provides for conditions, documentation requirements and procedures for approval for reorganization of commercial banks and non-bank credit institutions in the form of merger, consolidation, conversion of legal form of credit institutions, or conversion of business type of non-bank credit institutions.

2. Conversion of credit institutions that are wholly state-owned single-member limited liability companies into joint-stock companies shall comply with regulations of law on conversion of state-owned companies into joint-stock companies.

3. Reorganization of credit institutions placed under special control shall comply with the approved plans for restructuring of credit institutions placed under special control on the basis of the procedures established in this Circular. Disclosure of information on reorganization of credit institutions placed under special control shall comply with regulations of law on special control over credit institutions.

Article 2. Regulated entities

1. Credit institutions, including:

a) Commercial banks;

b) Non-bank credit institutions, including general finance companies and specialized finance companies.

2. Organizations and individuals involved in reorganization of credit institutions.

Article 3. Definitions

For the purposes of this Circular, the terms used herein are construed as follows:

1. “merger” means the transfer by one or some credit institutions (hereinafter referred to as “acquired credit institution”) of all of their assets, legitimate rights, obligations and interests to another credit institution (hereinafter referred to as “acquiring credit institution”), after which the acquired credit institution(s) shall cease to exist.

2. “consolidation” means the transfer by two or some credit institutions (hereinafter referred to as “consolidating credit institution”) of all of their assets, legitimate rights, obligations and interests to establish a new credit institution (hereinafter referred to as “consolidated credit institution”), after which the consolidating credit institutions shall cease to exist.

3. “post-merger credit institution” means the credit institution that acts as the acquiring one after obtaining approval for merger from the State Bank of Vietnam (hereinafter referred to as “SBV”).

4. “credit institutions engaging in merger” include acquired credit institutions and acquiring credit institution.

5. “credit institution engaging in merger or consolidation” means a credit institution engaging in merger or consolidating credit institution.

6. “representative credit institution” means a consolidating credit institution that is authorized by other consolidating credit institutions to act as a contact point in charge of dealing with issues concerning the consolidation.

7. “post-reorganization credit institution" means a post-merger credit institution, consolidated credit institution, credit institution after conversion of its legal form, or non-bank credit institution after conversion of its business type.

8. “decision-making authority” means the authority that is competent to make decision on merger, consolidation, conversion of legal form of a credit institution or conversion of business type of a non-bank credit institution in accordance with regulations of law and the Charter of the credit institution.

Article 4. Cases of reorganization of credit institutions

1. Cases of merger of credit institutions:

a) Commercial bank(s) and/or non-bank credit institution(s) merge into a commercial bank;

b) Non-bank credit institution(s) merge(s) into another non-bank credit institution.

2. Cases of consolidation of credit institutions:

a) Two or more commercial banks are consolidated into a new commercial bank;

b) Commercial bank(s) and non-bank credit institution(s) are consolidated into a new commercial bank;

c) Two or more non-bank credit institutions are consolidated into a new non-bank credit institution.

3. Cases of conversion of legal form of credit institutions:

a) A commercial bank or non-bank credit institution converts from a limited liability company into a joint-stock company and vice versa;

b) A commercial bank or non-bank credit institution converts from a single-member limited liability company into a multi-member limited liability company and vice versa.

4. Cases of conversion of business type of non-bank credit institutions:

a) A general finance company is converted into a specialized finance company;

b) A specialized finance company is converted into a general finance company.

Article 5. Rules for preparing and submitting applications

1. 01 package of application for approval for reorganization of a credit institution consisting of required documents in Vietnamese shall be prepared and sent to SBV in any of the following forms:

a) Direct submission at the SBV’s single-window section;

b) By post.

2. The documents in Vietnamese included in the submitted application must be the copies from the master register, or the certified true copies, or the copies submitted with their originals for verification purpose; If a copy of the document is presented with its original for verification purpose, the official carrying out such verification shall make certification of the accuracy of the copy of document with its original.

3. In case the documents included in the application are prepared in foreign languages, they must bear consular legalization as prescribed by the domestic law of Vietnam, except the cases where the consular legalization is exempted as prescribed in the law on consular legalization, and must be translated into Vietnamese. A Vietnamese translation of any document prepared in a foreign language must be notarized or bear the translator’s signature certification in accordance with regulations of law.

4. All documents included in the application must be signed by the legal representative or authorized representative (hereinafter referred to as "lawful representative"). In case of authorized signatory, the application must also include a power of attorney which is duly made in conformity with regulations of law.

5. Each application package must include a list of documents.

Article 6. Scope of operation of post-reorganization credit institutions

1. The scope of operation of a post-reorganization credit institution must be conformable with the scope of operation of its business type as prescribed by law.

2. The scope of operation of a post-merger credit institution is that of the acquiring credit institution. The post-merger credit institution may follow procedures for addition of business operations of the acquired credit institution(s) to its scope of operation if it meets all of conditions for such operations as prescribed by law.

3. The scope of operation of a consolidated credit institution includes all business operations of the consolidating credit institutions if the former meets all of conditions for such operations as prescribed by law.

4. The scope of operation of a credit institution before conversion of its legal form shall remain unchanged after completion of such conversion.

5. A non-bank credit institution after conversion of its business type may follow procedures for making changes in its scope of operation which must be conformable with its new business type as prescribed in relevant laws.

Article 7. Disclosure of information on reorganization of credit institutions

1. After SBV gives a written approval in principle for the merger, consolidation, conversion of legal form of credit institution(s), the credit institutions engaging in merger or consolidation or the credit institution before conversion of its legal form shall publish the following information on a mean of media of SBV and in 03 consecutive issues of a printed newspaper or on a Vietnamese online newspaper, and post the same information at their headquarters, branches, transaction offices (if any) and affiliated units:

a) Number and date of the SBV's written approval in principle for the merger, consolidation or conversion of legal form of credit institution(s);

b) Name and headquarters address of each credit institution engaging in merger or consolidation or the credit institution before conversion of its legal form;

c) The charter capital of each credit institution engaging in merger or consolidation or the credit institution before conversion of its legal form at the date of submission of application for approval in principle for the merger, consolidation or conversion of legal form;

d) Legal representative of each credit institution engaging in merger or consolidation or the credit institution before conversion of its legal form;

dd) Expected name, headquarters address, charter capital, legal representative and legal form of the post-merger credit institution, the consolidated credit institution or the credit institution after conversion of its legal form.

2. After SBV gives a written approval in principle for the merger, consolidation, conversion of legal form of credit institution(s) or conversion of business type of non-bank credit institution, the post-reorganization credit institution shall publish the following information on a mean of media of SBV and in 03 consecutive issues of a printed newspaper or on a Vietnamese online newspaper, and post the same information at its headquarters, branches, transaction offices (if any) and affiliated units:

a) Number and date of the SBV's written approval in principle for the merger, consolidation or conversion of legal form of credit institution(s); or conversion of business type of non-bank credit institution;

b) Number and date of the establishment and operation license; number and date of the amendment to the establishment and operation license;

c) Name and headquarters address of the post-reorganization credit institution;

d) Charter capital of the post-reorganization credit institution;

dd) Legal representative of the post-reorganization credit institution;

e) Legal form of the post-reorganization credit institution; business type of the non-bank credit institution after conversion of its business type;

g) The list of founding shareholders, majority shareholders, strategic shareholders, capital-contributing members or owners of the post-reorganization credit institution in which their stake holdings or shareholdings must be indicated;

h) The expected date of inauguration of the consolidated credit institution or credit institution after conversion of its legal form;

i) Information on official termination of operation of the acquired credit institution(s), or the consolidating credit institutions, or the credit institution before conversion of its legal form, including:

(i) Name and headquarters address;

(ii) Number and date of the establishment and operation license;

(iii) Charter capital;

(iv) Legal representative;

(v) Legal form;

(vi) Date of termination of operation. Date of termination of operation of the acquired credit institution(s), or the consolidating credit institutions, or the credit institution before conversion of its legal form is the date on which SBV issues a written amendments to the establishment and operation license of the acquiring credit institution, or the date of inauguration of the consolidated credit institution, or the date of inauguration of the credit institution after conversion of its legal form.

3. Credit institutions engaging in merger or consolidation may reach an agreement on joint disclosure of the information prescribed in clause 1 of this Article.

Chapter II

MERGER AND CONSOLIDATION OF CREDIT INSTITUTIONS

Article 8. Rules for merger and consolidation

1. Comply with agreements; ensure normal operation of the credit institution; ensure legitimate rights and interests of customers, creditors and other relevant parties during the merger or consolidation.

2. Strictly comply with regulations hereof and relevant laws.

3. Protect confidentiality of information with the aim of ensuring stable operation of the credit institutions engaging in merger or consolidation before the merger or consolidation scheme is approved by the decision-making authorities of such relevant credit institutions. All documents and materials concerning the merger or consolidation must be made in a prudent, truthful and accurate manner so as to avoid misunderstanding.

4. It is strictly prohibited to hide or shift assets in any form. The transfer or sale of assets during the merger or consolidation must be conducted publicly, transparently, legally and in conformity with agreements of relevant parties, ensure the safety of assets and do not cause any adverse influence on rights and interests of any of the credit institutions engaging in merger or consolidation, and of other organizations and individuals involved in such merger or consolidation.

5. The establishment and operation licenses of the consolidating credit institutions shall be no longer valid from the date of inauguration of the consolidated credit institution. The establishment and operation license(s) of the acquired credit institution(s) shall be no longer valid from the date on which SBV issues a written amendment to the establishment and operation license of the acquiring credit institution.

Article 9. Conditions for merger or consolidation

1. Credit institutions engaging in merger or consolidation are required to meet all of the following conditions:

a) They do not fall into any of cases of prohibited economic consolidation;

b) There is a merger or consolidation scheme which is prepared according to Article 12 hereof and has been approved by the decision-making authorities of all credit institutions engaging in merger or consolidation;

c) The minimum charter capital of the consolidated credit institution or the post-merger credit institution shall not be lower than the legal capital required for its business type as prescribed by law.

2. After merger or consolidation, the post-reorganization credit institution or the consolidated credit institution must strictly comply with regulations of law on prudential ratios and limits, stake holdings or shareholdings.

Article 10. Application for approval for merger

1. An application for approval in principle for merger includes:

a) An application form for approval for merger of the credit institutions engaging in merger which is made using the form provided in Appendix 01 enclosed herewith;

b) The power of attorney made by the acquired credit institution to authorize the acquiring credit institution to perform tasks related to the merger as prescribed herein;

c) Reports, made by the credit institutions engaging in merger, on their satisfaction of the condition set out in point a clause 1 Article 9 hereof; or documentary evidence of their satisfaction of the condition set out in point a clause 1 Article 9 hereof as prescribed by law on competition;

d) Documents made by the decision-making authorities of the credit institutions engaging in merger to give approval for the merger scheme, merger contract, charter of the post-merger credit institution and other issues concerning the merger;

dd) The merger scheme which is prepared as prescribed in Article 12 hereof;

e) The merger contract which has been approved by the decision-making authorities of the credit institutions engaging in merger and bears signatures of lawful representatives such credit institutions engaging in merger. Such a merger contract must include adequate primary information as prescribed in point a clause 2 Article 201 of the Law on Enterprises;

g) The charter of the post-merger credit institution which has been approved by the decision-making authorities of the credit institutions engaging in merger;

h) The financial statements, of the last 03 years preceding the year in which an application for approval in principle for the merger is submitted, of the credit institutions engaging in merger which have been duly audited by independent audit organizations and issued with no qualified opinion. In case where duly audited financial statements of the year preceding the year in which the application for approval in principle for the merger is submitted are not yet available at the date of application submission, unaudited financial statements shall be submitted. The credit institution is required to submit its audited financial statements immediately after it obtains an auditor’s report from the independent audit organization. The credit institutions engaging in merger shall assume responsibility for the contents of their submitted financial statements.

2. An application for approval for merger includes:

a) The application form made by the acquiring credit institution for:

(i) approval for the merger, change in charter capital;

(ii) approval for other contents (if any);

b) An application for SBV’s approval as prescribed in point a(ii) of this clause which is made in accordance with SBV’s regulations and relevant laws;

c) Documents made by the decision-making authorities of the credit institutions engaging in merger to give approval for changes in the merger scheme and other issues concerning the merger (if any);

d) The acquiring credit institution’s document clearly indicating changes in the merger scheme included in the application submitted to SBV’s Governor for approval in principle for the merger (if any);

dd) The acquiring credit institution’s commitment on the post-merger credit institution’s satisfaction of the conditions set out in clause 2 Article 9 hereof.

Article 11. Application for approval for consolidation

1. An application for approval in principle for consolidation includes:

a) An application form for approval for consolidation of consolidating credit institutions which is made using the form provided in Appendix 01 enclosed herewith;

b) The powers of attorney made by the consolidating credit institutions to authorize the representative credit institution to perform tasks related to the consolidation as prescribed herein;

c) Reports, made by the consolidating credit institutions, on their satisfaction of the condition set out in point a clause 1 Article 9 hereof; or documentary evidence of their satisfaction of the condition set out in point a clause 1 Article 9 hereof as prescribed by law on competition;

d) Documents made by the decision-making authorities of the consolidating credit institutions to give approval for the consolidation scheme; the consolidation contract; the draft charter of the consolidated credit institution; the list of personnel to be elected or appointed to the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director), and other issues concerning the consolidation;

dd) The consolidation scheme which is prepared as prescribed in Article 12 hereof;

e) The consolidation contract which has been approved by the decision-making authorities of the consolidating credit institutions and bears signatures of lawful representatives such consolidating credit institutions. Such a consolidation contract must include adequate primary information as prescribed in point a clause 2 Article 200 of the Law on Enterprises;

g) The draft charter of the consolidated credit institution which has been approved by the decision-making authorities of the consolidating credit institutions;

h) The financial statements, of the last 03 years preceding the year in which an application for approval in principle for the consolidation is submitted, of the consolidating credit institutions which have been duly audited by independent audit organizations and issued with no qualified opinion. In case where duly audited financial statements of the year preceding the year in which the application for approval in principle for the consolidation is submitted are not yet available at the date of application submission, unaudited financial statements shall be submitted. The credit institution is required to submit its audited financial statements immediately after it obtains an auditor’s report from the independent audit organization. The consolidating credit institutions shall assume responsibility for the contents of their submitted financial statements.

i) Draft internal regulations on organization and operation of the consolidated credit institution which inter alia include those internal regulations set forth in clause 2 Article 101 of the Law on Credit Institutions and the following:

(i) Regulations on organization and operation of the Board of Directors, Board of Members, Board of Controllers and executives;

(ii) Regulations on organization and operation of the headquarters, branches and other affiliated units;

k) The list of personnel to be elected or appointed to the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director) of the consolidated credit institution;

l) Documents proving the recommended personnel’s satisfaction of standards and eligibility requirements for the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director) of the consolidated credit institution in accordance with SBV’s regulations on procedures and documentation requirements for approval for recommended personnel lists of commercial banks, non-bank credit institutions and foreign bank branches.

2. An application for approval for consolidation includes:

a) The application form made by the representative credit institution for:

(i) approval for the consolidation;

(ii) approval for other contents (if any);

b) An application for SBV’s approval as prescribed in point a(ii) of this clause which is made in accordance with SBV’s regulations and relevant laws;

c) The charter of the consolidated credit institution which has been approved by its decision-making authority;

d) Documents made by the decision-making authorities of the consolidating credit institutions to give approval for changes in the consolidation scheme and other issues concerning the consolidation (if any);

dd) The representative credit institution’s document clearly indicating changes in the consolidation scheme included in the application submitted to SBV’s Governor for approval in principle for the consolidation (if any);

e) Documents made by the decision-making authority of the consolidated credit institution to give approval for the charter; election or appointment of holders of positions of members of the Board of Directors, the Board of Members, the Board of Controllers; regulations on organization and operation of the Board of Directors, the Board of Members, the Board of Controllers of the consolidated credit institution, and other issues concerning the consolidated credit institution;

g) Documents made by the decision-making authority of the consolidated credit institution to elect persons to hold the positions of Chairperson of the Board of Directors or the Board of Members, and Head of the Board of Controllers;

h) Documents made by the decision-making authority of the consolidated credit institution to appoint its General Director (Director), Deputy General Director (Deputy Director) and Chief Accountant;

i) Internal regulations on organization and operation of the consolidated credit institution as prescribed in point i clause 1 of this Article which have been approved by its decision-making authority;

k) The representative credit institution’s commitment on the consolidated credit institution’s satisfaction of the conditions set out in clause 2 Article 9 hereof.

Article 12. Merger or consolidation scheme

1. A merger or consolidation scheme must be approved by the decision-making authorities of the credit institutions engaging in merger or consolidation, and signed and sealed by their lawful representatives who are jointly responsible for such merger or consolidation scheme.

2. A merger or consolidation scheme shall inter alia include:

a) Name, address, website (if any) of each of the credit institutions engaging in merger or consolidation;

b) Names, addresses and telephone numbers of the owner, Chairperson and members of the Board of Directors, or Chairperson and members of the Board of Members, Head and members of the Board of Controllers, and General Director (Director) of each of the credit institutions engaging in merger or consolidation;

c) Reasons for merger or consolidation;

d) ) A summary of financial status and operating results of the credit institutions engaging in merger or consolidation in the last 03 years preceding the year in which an application for approval in principle for the merger or consolidation is submitted;

dd) The statement of actual value of charter capital, bad debts, prudential ratios and limits on operation and compliance with such ratios and limits by the credit institutions engaging in merger or consolidation before merger or consolidation; the charter capital and actual value of the charter capital of the post-merger credit institution or the consolidated credit institution;

e) Merger or consolidation roadmap;

g) Method for transfer of contributed capital or share capital (in which the transfer time, form and rate must be specified);

h) Holding of meetings of the decision-making authorities of the credit institutions engaging in merger or consolidation, post-merger credit institution or consolidated credit institution in respect of conditions and procedures for holding the meeting, participants and voting method, as prescribed by law and in the charter of the credit institution, for ratification of the merger or consolidation; grant of authorization to the acquiring credit institution or representative credit institution to convene this meeting;

i) Rights and obligations of the credit institutions engaging in merger or consolidation, other relevant organizations and individuals (if any);

k) Plan for dealing with employees working at the credit institutions engaging in merger or consolidation;

l) List of founding shareholders, majority shareholders or capital-contributing members of the post-merger credit institution or consolidated credit institution;

m) Expected organizational chart, personnel, business network and other issues concerning the organization and operation of the post-merger credit institution or consolidated credit institution;

n) Methods for transfer or combination of management information systems, internal control systems, internal audit systems and data transmission systems to ensure uninterrupted operation during and after merger or consolidation;

o) The business plan for the first 03 years of the post-merger credit institution or consolidated credit institution which must inter alia include: market analysis, business strategies, objectives and plans; expected financial statements of each year (statement of financial position, income statement, cash flow statement, prudential ratios and limits, business performance indicators and explanatory notes of capacity to achieve financial indicators in each year);

p) Assessment of impacts of the merger or consolidation and methods for minimization thereof so as to ensure normal operation of the credit institutions engaging in merger or consolidation, as well as the safety and stability of the network of credit institutions.

q) Satisfaction of the conditions set out in clause 2 Article 9 of this Circular.

Article 13. Procedures for approval for merger

1. Approval in principle for merger:

a) The acquiring credit institution prepares an application for approval in principle for the merger as prescribed in clause 1 Article 10 hereof and send it to SBV.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 30 days from its receipt of the SBV’s request;

c) Within 30 days from its receipt of an adequate and valid application, SBV shall send written request to the People's Committees of provinces or central-affiliated cities where the credit institutions engaging in merger are headquartered for their opinions about the impacts of the merger on their local socio-economic stability and their opinions about the merger;

d) Within 15 days from their receipt of the SBV’s written request for opinions, the People’s Committees of provinces or central-affiliated cities shall provide their written opinions about the matters in question;

dd) Within 20 days from its receipt of written opinions from relevant People’s Committees of provinces or central-affiliated cities, SBV shall consider giving an approval in principle for the merger. If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

2. Within 07 working days from the date on which SBV gives a written approval in principle for the merger, the credit institutions engaging in merger shall carry out information disclosure as prescribed in clauses 1, 3 Article 7 hereof.

3. Approval for merger:

a) Within 90 days from the date on which SBV gives a written approval in principle for the merger, the acquiring credit institution shall submit a package of application for approval for merger as prescribed in clause 2 Article 10 hereof to SBV. Over this time limit, if SBV does not receive the abovementioned application, the granted written approval in principle for the merger shall cease to have effect.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 45 days from its receipt of the SBV’s request;

c) Within 30 days from its receipt of an adequate and valid application, SBV shall give a written approval for the merger using the form in Appendix 04 enclosed herewith; amend the establishment and operation license of the acquiring credit institution, and give approval for other contents (if any). If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

4. Within 45 days from the effective date of the written approval for the merger, the acquiring credit institution shall carry out information disclosure as prescribed in clause 2 Article 7 hereof and submit a written report on completion of the merger to SBV.

5. Within 05 working days from the date on which the establishment and operation license of the acquired credit institution ceases to have effect, the acquired credit institution shall return it to SBV.

Article 14. Procedures for approval for consolidation

1. Approval in principle for consolidation:

a) The representative credit institution prepares an application for approval in principle for the consolidation as prescribed in clause 1 Article 11 hereof and send it to SBV.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 30 days from its receipt of the SBV’s request;

c) Within 30 days from its receipt of an adequate and valid application, SBV shall send written request to the People's Committees of provinces or central-affiliated cities where the consolidating credit institutions are headquartered and the People's Committee of province or central-affiliated city where the consolidated credit institution is to be headquartered for their opinions about the impacts of the consolidation on their local socio-economic stability and their opinions about the consolidation;

d) Within 15 days from their receipt of the SBV’s written request for opinions, the People’s Committees of provinces or central-affiliated cities shall provide their written opinions about the matters in question;

dd) Within 20 days from its receipt of written opinions from relevant People’s Committees of provinces or central-affiliated cities, SBV shall consider giving an approval in principle for the consolidation and approval for the recommended personnel list. If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

2. Within 07 working days from the date on which SBV gives a written approval in principle for the consolidation, the consolidating credit institutions shall carry out information disclosure as prescribed in clauses 1, 3 Article 7 hereof.

3. Approval for consolidation:

a) Within 90 days from the date on which SBV gives a written approval in principle for the consolidation, the representative credit institution shall submit a package of application for approval for consolidation as prescribed in clause 2 Article 11 hereof to SBV. Over this time limit, if SBV does not receive the abovementioned application, the granted written approval in principle for the consolidation shall cease to have effect.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 45 days from its receipt of the SBV’s request;

c) Within 30 days from its receipt of an adequate and valid application, SBV shall give a written approval for the consolidation using the form in Appendix 05 enclosed herewith; issue an establishment and operation license to the consolidated credit institution, and give approval for other contents (if any). If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

4. Within 45 days from the effective date of the written approval for consolidation, the consolidated credit institution shall carry out information disclosure as prescribed in clause 2 Article 7 hereof, and organize inauguration event in accordance with regulations of law.

5. Within 05 working days from the date on which the establishment and operation license of the consolidating credit institution ceases to have effect, the consolidating credit institution shall return it to SBV, and the consolidated credit institution shall send a written report on completion of the consolidation to SBV.

Chapter III

CONVERSION OF LEGAL FORM OF CREDIT INSTITUTIONS

Article 15. Rules for conversion of legal form

1. Transfer of stakes, shares or offering of shares must strictly comply with SBV’s regulations and relevant laws.

2. A credit institution may only convert its legal form into another appropriate one as prescribed in Article 6 of the Law on Credit Institutions and this Circular.

3. Information must be kept confidential with the aim of ensuring stable operation of the credit institution before the plan for conversion of legal form is approved by its decision-making authority. All documents and materials concerning the conversion of legal form of the credit institution must be made in a prudent, truthful and accurate manner so as to avoid misunderstanding.

4. It is strictly prohibited to hide or shift assets in any form. The transfer or sale of assets during the conversion of legal form of the credit institution must be conducted publicly, transparently, legally and in conformity with agreements of relevant parties, ensure the safety of assets and do not cause any adverse influence on rights and interests of any of the credit institution, and of other organizations and individuals involved in such conversion of legal form of the credit institution.

5. The establishment and operation license of the credit institution before conversion of its legal form shall cease to have effect from the date of inauguration of the credit institution after conversion of legal form.

Article 16. Conditions for conversion of legal form

1. The credit institution that wishes to carry out conversion of its legal form must have a plan for conversion of legal form prepared as prescribed in Article 18 hereof and approved by its decision-making authority.

2. A credit institution that wishes to convert from a limited liability company into a joint-stock company must meet all of the following conditions:

a) It meets the conditions set out in clause 1 of this Article;

b) The credit institution before conversion of legal form meets conditions for offering of shares in accordance with regulations of relevant laws;

c) Founding shareholders (if any), majority shareholders and strategic shareholders of the credit institution after conversion of legal form must meet eligibility requirements, as prescribed by law, for founding shareholders of a newly established credit institution;

d) Shareholders or strategic shareholders that are foreign investors of the credit institution after conversion of legal form must meet conditions, as prescribed by law, for foreign investors’ purchase of shares of Vietnamese credit institutions;

dd) Any organization or individual that purchases shares must strictly comply with regulations of law on shareholdings and regulations on purchase and holding of shares of other credit institutions (in the buyer is a commercial bank).

3. A credit institution that wishes to convert from a single-member limited liability company into a multi-member limited liability company or vice versa, or from a joint-stock company into a limited liability company must meet all of the following conditions:

a) It meets the conditions set out in clause 1 of this Article;

b) The owner, capital-contributing members that receive transfer and new capital-contributing members of the credit institution after conversion of legal form must meet the conditions, as prescribed by law, for owner and founding members of a newly established credit institution;

c) capital-contributing members that receive transfer and new capital-contributing members of the credit institution after conversion of legal form must strictly comply with regulations of law on stake holdings.

Article 17. Application for approval for conversion of legal form

1. An application for approval in principle for conversion of legal form includes:

a) An application form for approval for conversion of legal form of the credit institution which is made using the form provided in Appendix 02 enclosed herewith;

b) Documents made by the decision-making authority of the credit institution to give approval for the conversion plan; the draft charter; the list of personnel to be elected or appointed to the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director) of the credit institution after conversion of legal form, and other issues concerning the conversion of legal form;

c) The plan for conversion of legal form as prescribed in Article 18 hereof;

d) The draft charter of the credit institution after conversion of legal form which has been approved by its decision-making authority;

dd) The financial statements, of the last 03 years preceding the year in which an application for approval in principle for conversion of legal form is submitted, of the credit institution which have been duly audited by an independent audit organization and issued with no qualified opinion. In case where duly audited financial statements of the year preceding the year in which the application for approval in principle for conversion of legal form is submitted are not yet available at the date of application submission, unaudited financial statements shall be submitted. The credit institution is required to submit its audited financial statements immediately after it obtains an auditor’s report from the independent audit organization. The credit institution shall assume responsibility for the contents of its submitted financial statements;

e) Draft internal regulations on organization and operation of the credit institution after conversion of legal form which inter alia include those internal regulations set forth in clause 2 Article 101 of the Law on Credit Institutions and the following:

(i) Regulations on organization and operation of the Board of Directors, Board of Members, Board of Controllers and executives;

(ii) Regulations on organization and operation of the headquarters, branches and other affiliated units;

g) The list of personnel to be elected or appointed to the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director) of the credit institution after conversion of legal form;

h) Documents proving the recommended personnel’s satisfaction of standards and eligibility requirements for the positions of members of Board of Directors or the Board of Members, the Board of Controllers, General Director (Director) of the credit institution after conversion of legal form in accordance with SBV’s regulations on procedures and documentation requirements for approval of recommended personnel lists of commercial banks, non-bank credit institutions and foreign bank branches;

i) Documents and/or information sheets provided for investors, which must inter alia indicate the conditions for founding shareholders, majority shareholders, strategic shareholders, shareholders that are foreign investors, owner, capital-contributing members that receive transfer and new capital-contributing members of the credit institution after conversion of legal form.

2. An application for approval for conversion of legal form includes:

a) The application form made by the credit institution for:

(i) approval of conversion of legal form;

(ii) approval of other contents (if any);

b) An application for SBV’s approval as prescribed in point a(ii) of this clause which is made in accordance with SBV’s regulations and relevant laws;

c) The charter of the credit institution after conversion of legal form which has been approved by its decision-making authority;

d) Documents made by the decision-making authority of the credit institution before conversion of legal form to give approval for changes in the plan for conversion of legal form and other issues concerning such conversion of legal form (if any);

dd) The statement, made by the credit institution before conversion of legal form, of the changes in the plan for conversion of legal form included in its application submitted to SBV’s Governor for approval in principle for the conversion of legal form (if any);

e) Documents made by the decision-making authority of the credit institution after conversion of legal form to give approval for the charter; election or appointment of holders of positions of members of the Board of Directors, the Board of Members, the Board of Controllers; regulations on organization and operation of the Board of Directors, the Board of Members, the Board of Controllers of the credit institution after conversion of legal form, and other issues concerning the conversion of legal form;

g) Documents made by the decision-making authority of the credit institution after conversion of legal form to elect persons to hold the positions of Chairperson of the Board of Directors or the Board of Members; election of person to hold the position of the Head of the Board of Controllers; appointment of Chairperson and members of the Board of Members, and members of the Board of Controllers;

h) Documents made by the decision-making authority of the credit institution after conversion of legal form to appoint its General Director (Director), Deputy General Director (Deputy Director) and Chief Accountant;

i) List, indicating contributed capital amounts and holdings, of capital-contributing members, founding shareholders, majority shareholders, strategic shareholders, and shareholders that are foreign investors of the credit institution after conversion of legal form;

k) Internal regulations on organization and operation of the credit institution after conversion of legal form which include the required contents as prescribed in point e clause 1 of this Article and have been approved by its decision-making authority;

l) In addition to the required documents prescribed in points a, b, c, d, dd, e, g, h, i, k of this clause, the credit institution that converts from a limited liability company into a joint-stock company must additionally submit the following documents:

(i) Report on offering of shares, and certificate of the proceeds from the offering which is given by the commercial bank where its escrow account is opened;

(ii) Documents on founding shareholders (if any), majority shareholders and strategic shareholders of the credit institution after conversion of legal form which include those documents on founding shareholders that establish a credit institution according to SBV’s regulations on documentation requirements and procedures for first issuance of license to credit institutions.

(iii) Documents on shareholders or strategic shareholders that are foreign investors of the credit institution after conversion of legal form as prescribed in SBV’s regulations on documentation requirements and procedures for approval for foreign investors’ purchase of shares of Vietnamese credit institutions;

m) In addition to the required documents prescribed in points a, b, c, d, dd, e, g, h, i, k of this clause, the credit institution that converts from a single-member limited liability company into a multi-member limited liability company or vice versa must additionally submit the following documents:

(i) The contract for transfer of stakes or agreement on capital contribution or documents proving completion of the transfer of stakes;

(ii) A document made by the credit institution before conversion of legal form to certify status of capital-contributing members of the credit institution after conversion of legal form;

(iii) Documents of the owner, capital-contributing members that receive transfer, new capital-contributing members of the credit institution after conversion of legal form which are the same as the owner and founding members that establish credit institutions as prescribed in SBV’s regulations on documentation requirements and procedures for first issuance of license to credit institutions.

Article 18. Plan for conversion of legal form

1. The plan for conversion of legal form of a credit institution must be approved by its decision-making authority, and signed and sealed by its lawful representative who will be responsible for such a plan.

2. A plan for conversion of legal form shall inter alia include:

a) Name, address and website (if any) of the credit institution;

b) Names, addresses and telephone numbers of the owner, Chairperson and members of the Board of Members, or Chairperson and members of the Board of Directors, Head and members of the Board of Controllers, and General Director (Director) of the credit institution;

c) Reasons for conversion of legal form;

d) A summary of financial status and operating results of the credit institution before conversion of legal form in the last 03 years preceding the year in which an application for approval for conversion of legal form is submitted;

dd) The statement of actual values of charter capital of the credit institution before and after conversion of legal form; bad debts, prudential ratios and limits on operation and compliance with such ratios and limits by the credit institution before conversion of legal form;

e) Rights and obligations of the credit institution, and relevant organizations and individuals (if any);

g) Expected organizational chart, business network and other issues concerning the organization and operation of the credit institution after conversion of legal form;

h) The business plan for the first 03 years of the credit institution after conversion of legal form which must inter alia include: market analysis, business strategies, objectives and plans; expected financial statements of each year (statement of financial position; income statement, cash flow statement; prudential ratios and limits; business performance indicators and explanatory notes of capacity to achieve financial indicators in each year);

i) Stake holdings or shareholdings; conditions for founding shareholders, majority shareholders, strategic shareholders, shareholders that are foreign investors, owner, capital-contributing members that receive transfer and new capital-contributing members of the credit institution after conversion of legal form;

k) Method for transfer of contributed capital or share capital (in which the transfer time, form and rate must be specified).

Article 19. Procedures for approval for conversion of legal form

1. Approval in principle for conversion of legal form:

a) The credit institution prepares a package of application for approval in principle for the conversion of legal form as prescribed in clause 1 Article 17 hereof and send it to SBV.

If the application is inadequate or invalid, within 30 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 30 days from its receipt of the SBV’s request;

c) Within 60 days from its receipt of an adequate and valid application, SBV shall consider giving an approval in principle for conversion of legal form of the credit institution, and approval for its recommended personnel list. If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

2. Within 07 working days from the date on which SBV gives a written approval in principle for conversion of legal form, the credit institution before conversion of legal form shall carry out information disclosure as prescribed in clause 1 Article 7 hereof.

3. Approval for conversion of legal form:

a) Within 120 days from the date on which SBV gives a written approval in principle for conversion of legal form, the credit institution shall submit a package of application for approval of conversion of legal form as prescribed in clause 2 Article 17 hereof to SBV. Over this time limit, if SBV does not receive the abovementioned application, the granted written approval in principle for conversion of legal form shall cease to have effect.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the credit institution in writing to complete its application;

b) The credit institution is required to modify and complete its application within 45 days from its receipt of the SBV’s request;

c) Within 30 days from its receipt of an adequate and valid application, SBV shall give a written approval for conversion of legal form of the credit institution using the form in Appendix 06 enclosed herewith, issue an establishment and operation license to the credit institution, and give approval for other contents (if any). If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

4. Within 45 days from the date on which the written approval for conversion of legal form takes its legal effect, the credit institution shall carry out information disclosure as prescribed in clause 2 Article 7 hereof; organize inauguration event in accordance with regulations of law.

5. Within 05 working days from the date on which the establishment and operation license of the credit institution before conversion of legal form ceases to have effect, the credit institution before conversion of legal form shall return it to SBV, and the credit institution after conversion of legal form shall send a written report on completion of such conversion of legal form to SBV.

Chapter IV

CONVERSION OF BUSINESS TYPE OF NON-BANK CREDIT INSTITUTIONS

Article 20. Rules for conversion of business type

1. A non-bank credit institution may only convert its business type in the cases of conversion of business type prescribed in this Circular.

2. Information must be kept confidential with the aim of ensuring stable operation of the non-bank credit institution before the plan for conversion of business type is approved by its decision-making authority. All documents and materials concerning the conversion of business type of the non-bank credit institution must be made in a prudent, truthful and accurate manner.

3. The non-bank credit institution before conversion of business type shall follow procedures for making changes in its scope of operation which must be appropriate to the business type to which it will be converted.

Article 21. Conditions for conversion of business type of non-bank credit institutions

A non-bank credit institution that wishes to carry out conversion of its business type must meet all of the following conditions:

1. It has a plan for conversion of business type prepared as prescribed in Article 23 hereof and approved by its decision-making authority.

2. At the date of application submission, the number of members and structure of its Board of Directors, or Board of Members, and of its Boards of Controllers must comply with regulations of law; the General Director (or Director) position is not left vacant.

3. At the date of application submission, it still maintains internal control and internal audit systems that meet the provisions of Articles 57, 58 of the Law on Credit Institutions and relevant laws.

4. Apart from the conditions set out in clauses 1, 2, 3 of this Article, a specialized finance company that wishes to convert into a general finance company must also meet the following conditions:

a) The actual value of its charter capital as at December 31 of the year preceding the year in which it submits an application for approval for conversion of business type is not lower than the legal capital required for the business type to which it will be converted. The actual value of charter capital shall be determined according to regulations adopted by SBV’s Governor on prudential ratios and limits on the basis of its separate financial statements of the year preceding the year of application submission;

b) It has maintained a profitable business over at least 02 consecutive years preceding the year in which it submits an application for approval for conversion of business type and up to the month preceding the date of submission of such application;

c) It has strictly complied with the limits imposed to ensure the safe operation of the non-bank credit institution according to provisions of the Law on Credit Institutions and SBV’s guidelines for this content for at least 12 consecutive months preceding the month in which it submits an application for approval for conversion of business type;

d) It has strictly and continuously complied with regulations on asset classification, amounts and methods of establishing risk provisions and use of risk provisions for management of operational risks as prescribed by law in every quarter of the year preceding the year in which it submits an application for approval for conversion of business type and in every quarter of the current year up to the date of submission of such application;

dd) It has not incurred any penalties for administrative violations in monetary and banking sector within the last 12 months prior to the date of submission of an application for approval for conversion of business type;

e) It is not prohibited from expanding its scope of operation.

Article 22. Application for conversion of business type of non-bank credit institutions

1. An application form which is made by the non-bank credit institution using the form in Appendix 03 enclosed herewith and submitted to SBV for:

a) approval for its conversion of business type;

b) approval of other contents (if any).

2. An application for SBV’s approval of the contents prescribed in point b clause 1 of this Article which is made in accordance with SBV’s regulations and relevant laws.

3. Documents made by the decision-making authority of the non-bank credit institution to give approval for the plan for conversion of business type; charter of the non-bank credit institution after conversion of business type and other issues concerning such conversion of business type.

4. The plan for conversion of business type as prescribed in Article 23 hereof.

5. The charter of the credit institution after conversion of business type which has been approved by its decision-making authority.

6. The financial statements, of the last 03 years preceding the year in which an application for approval for conversion of business type is submitted, which have been duly audited by an independent audit organization and issued with no qualified opinion. In case where duly audited financial statements of the year preceding the year in which the application for approval for conversion of business type is submitted are not yet available at the date of application submission, unaudited financial statements shall be submitted. The non-bank credit institution is required to submit its audited financial statements immediately after it obtains an auditor’s report from the independent audit organization. The non-bank credit institution shall assume responsibility for the contents of its submitted financial statements.

7. Internal regulations on organization and operation which have been approved by the decision-making authority of the non-bank credit institution, and inter alia include the internal regulations set forth in Clause 2 Article 101 of the Law on Credit Institutions and the following (if any):

a) Regulations on organization and operation of the Board of Directors, Board of Members, Board of Controllers and executives;

b) Regulations on organization and operation of the headquarters, branches and other affiliated units.

8. Other documents proving satisfaction of the conditions for conversion of business type as prescribed herein.

Article 23. Plan for conversion of business type

1. The plan for conversion of business type of a non-bank credit institution must be approved by its decision-making authority, and signed and sealed by its lawful representative who will be responsible for such a plan.

2. A plan for conversion of business type shall inter alia include:

a) Name, address and website (if any) of the non-bank credit institution;

b) Names, addresses and telephone numbers of the owner, Chairperson and members of the Board of Members, or Chairperson and members of the Board of Directors, Head and members of the Board of Controllers, and General Director (Director) of the non-bank credit institution;

c) Reasons for conversion of business type;

d) A summary of financial status and operating results of the non-bank credit institution before conversion of business type in the last 03 years preceding the year in which an application for approval for conversion of business type is submitted;

dd) The statement of actual values of charter capital of the non-bank credit institution before and after conversion of business type; bad debts, prudential ratios and limits on operation and compliance with such ratios and limits by the non-bank credit institution before conversion of business type;

e) Rights and obligations of the non-bank credit institution, and relevant organizations and individuals (if any);

g) Expected organizational chart, business network and other issues concerning the organization and operation of the non-bank credit institution after conversion of business type;

h) The business plan for the first 03 years of the non-bank credit institution after conversion of business type which must inter alia include: market analysis, business strategies, objectives and plans; expected financial statements of each year (statement of financial position; income statement; cash flow statement; prudential ratios and limits; business performance indicators and explanatory notes of capacity to achieve financial indicators in each year); compliance with the ratio of main credit outstanding balance to total credit outstanding balance as prescribed by the SBV’s Governor (for a general finance company that applies for conversion into a specialized finance company).

Article 24. Procedures for approval for conversion of business type

1. The non-bank credit institution prepares a package of application for approval for the conversion of business type as prescribed in Article 22 hereof and send it to SBV.

If the application is inadequate or invalid, within 20 days from its receipt of the application, SBV shall request the non-bank credit institution in writing to complete its application.

2. The non-bank credit institution is required to modify and complete its application within 30 days from its receipt of the SBV’s request.

3. Within 40 days from its receipt of an adequate and valid application, SBV shall give a written approval for conversion of business type of the non-bank credit institution using the form in Appendix 07 enclosed herewith; amend the establishment and operation license to the non-bank credit institution, and give approval for other contents (if any). If an application is refused, SBV shall give a written response clearly stating reasons for such refusal.

4. Within 45 days from the effective date of the written approval for conversion of business type, the non-bank credit institution after conversion of business type shall carry out information disclosure as prescribed in clause 2 Article 7 hereof and submit a written report on completion of such conversion of business type to SBV.

Chapter V

NOTIFICATION TO BUSINESS REGISTRATION AUTHORITIES

Article 25. Changes in names of branches, transaction offices and representative offices in Vietnam of post-reorganization credit institutions

Within 05 working days from the day on which a branch, transaction office or representative office in Vietnam of a post-reorganization credit institution operates under the new name, the post-reorganization credit institution is required to send a written notice of changes in name of such branch, transaction office or representative office (including its name, name in foreign language and abbreviated name) to the SBV’s branch of the province or city where such branch, transaction office or representative office is located.

Article 26. Notification to business registration authorities

1. Within 05 working days from its receipt of a written report from an acquiring credit institution as prescribed in clause 4 Article 13 hereof, the focal point in charge of processing application for approval for reorganization of credit institution shall send a written notice of modification of the license of the acquiring credit institution, accompanied with the license modification decision, and of revocation of the establishment and operation license of the acquired credit institution to the business registration authority of province or city where the acquiring credit institution is headquartered and that of province or city where the acquired credit institution is headquartered for updating the National Enterprise Registration Information System.

2. Within 05 working days from its receipt of a written report from a consolidated credit institution as prescribed in clause 5 Article 14 hereof, the focal point in charge of processing application for approval for reorganization of credit institution shall send a written notice of issuance of an establishment and operation license to the consolidated credit institution, accompanied with the issued license, information on the legal representative of the consolidated credit institution, and of revocation of the establishment and operation license of the consolidating credit institution to the business registration authority of province or city where the consolidated credit institution is headquartered and that of province or city where the consolidating credit institution is headquartered for updating the National Enterprise Registration Information System.

3. Within 05 working days from its receipt of a written report from a credit institution after conversion of legal form as prescribed in clause 5 Article 19 hereof, the focal point in charge of processing application for approval for reorganization of credit institution shall send a written notice of issuance of an establishment and operation license to the credit institution after conversion of legal form, accompanied with the issued license, and of revocation of the establishment and operation license of the credit institution before conversion of legal form to the business registration authority of province or city where the credit institution is headquartered for updating the National Enterprise Registration Information System.

4. Within 05 working days from its receipt of a written report from a non-bank credit institution after conversion of business type as prescribed in clause 4 Article 24 hereof, the focal point in charge of processing application for approval for reorganization of credit institution shall send a written notice of modification of the establishment and operation license of the non-bank credit institution, accompanied with the license modification decision, to the business registration authority of province or city where the non-bank credit institution is headquartered for updating the National Enterprise Registration Information System.

5. Within 05 working days from its receipt of a notice from a credit institution as prescribed in Article 25 hereof, the SBV’s provincial branch shall send a written notice of changes in name of the branch, transaction office or representative office to the business registration authority of province or city where such branch, transaction office or representative office is located for updating the National Enterprise Registration Information System.

Chapter VI

RESPONSIBILITIES OF RELEVANT UNITS

Article 27. Responsibilities of credit institutions

1. The Board of Directors, Board of Members, Board of Controllers, General Director (Director) and relevant organizations and individuals of each of the credit institutions engaging in merger or consolidation, the credit institution before conversion of legal form or the non-bank credit institution before conversion of business type shall take the full responsibility for ensuring absolute safety for assets of the credit institution until such merger, consolidation, conversion of legal form or conversion of business type is successfully completed under an approved merger or consolidation scheme, plan for conversion of legal form or plan for conversion of business type.

2. Chairperson and members of the Board of Directors, Chairperson and members of the Board of Members, and legal representative of each of the credit institutions engaging in merger or consolidation, the credit institution before conversion of legal form or the non-bank credit institution before conversion of business type shall take responsibility for the adequacy, accuracy, validity and legitimacy of the documents included in their submitted application for approval for merger or consolidation, conversion of legal form or conversion of business type.

3. Within 15 days from the day on which SBV gives a written approval in principle for the merger or consolidation, the credit institutions engaging in merger or consolidation shall send the merger or consolidation contract to their creditors and also notify the same to their employees.

4. After obtaining a written approval in principle, the credit institutions engaging in merger or consolidation, or the credit institution before conversion of legal form shall proactively make preparations for transfer of rights, obligations and other issues concerning their organization and operation, and carry out such transfer immediately after obtaining an approval decision from SBV.

5. Upon completion of the reorganization, Chairperson and members of the Board of Directors, Chairperson and members of the Board of Members, Board of Controllers, General Director (Director) and relevant organizations and individuals of each of the credit institutions engaging in merger or consolidation or the credit institution before conversion of legal form shall assume responsibility for any off-record issues detected or those issues which are not yet handed over in accordance with regulations of law.

6. Credit institutions shall protect confidentiality of information as prescribed in clause 3 Article 8, clause 3 Article 15, clause 2 Article 20 hereof.

7. Decision-making authorities of the credit institutions engaging in merger or consolidation, post-merger credit institution or consolidated credit institution are responsible for approving the reorganization, taking into account the conditions and procedures for holding the meeting, and voting method as prescribed by law and in the charter of the credit institution.

Article 28. Responsibilities of SBV’s affiliated units

1. The focal point in charge of processing applications for approval for reorganization of credit institutions shall take charge of receiving and appraising received applications, and submitting the satisfactory one to the SBV’s Governor for granting written response or decisions as prescribed in Articles 13, 14, 19 and 24 hereof.

2. Other relevant SBV’s affiliated units shall, within the ambit of their assigned functions and tasks, cooperate with the focal point in charge of processing applications for approval for reorganization of credit institutions when granting approval for reorganization of credit institutions.

Chapter VII

IMPLEMENTATION

Article 29. Effect

1. This Circular comes into force from February 17, 2025.

2. From the date of entry into force of this Circular, the Circular No. 36/2015/TT-NHNN dated December 31, 2015 of the Governor of the State Bank of Vietnam prescribing reorganization of credit institutions shall cease to have effect.

3. From the date on which SBV approves modification of the establishment and operation license of the acquiring credit institution or the non-bank credit institution after conversion of business type or from the date of inauguration of the consolidated credit institution, the post-merger credit institution, the non-bank credit institution after conversion of business type or the consolidated credit institution shall not be allowed to enter into new contracts or agreements to perform the business activities for which it is no longer eligible as prescribed.

4. Regarding the contracts or agreements which are concluded before the date on which SBV approves modification of the establishment and operation license of the acquiring credit institution or the non-bank credit institution after conversion of business type or before the date of inauguration of the consolidated credit institution in conformity with regulations of law in force at the time of conclusion, the post-merger credit institution, the non-bank credit institution after conversion of business type or the consolidated credit institution and their customers shall continue performing the signed contract or agreement until the expiry date thereon.

Article 30. Implementation organization

Heads of the SBV’s affiliated units, commercial banks, non-bank credit institutions and relevant organizations and individuals are responsible for the implementation of this Circular./.

 

 

PP. GOVERNOR
DEPUTY GOVERNOR




Doan Thai Son

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