New detailed regulation on the organization and operation of commercial banks
On 26 February 2010, the State Bank of Vietnam (SBV) issued the Circular 06/2010/TT-NHNN guiding on the organization, administration, management, charter capital, share transfer, amendment of operation certificate and charter of commercial banks.
In general, all above activities, including electing or changing members of the Board of Management and the Board of Inspection, the General Director, must be approved by the SBV.
The dismissal of the Chairman of the Board of Management and the head of the Inspection Committee must be approved by the SBV.
For a joint stock commercial bank with more than 50% State owned capital, the Governor of the SBV shall nominate the member of the Board of Management who is the General Director. The dismissal of members of the Board of Management and of Inspection Committee must be approved by the SBV before decision.
The Board of Management must have at least two Committees: a Committee on risks management and Committee on human resource. Each Committee must have at least three members and the head of the Committee must be a member of the Board of Management.
Sale and purchase of the essential rate of shares of a commercial bank must be approved by a SBV branch or by the SBV in case the bank is owned by the State more than 50%.
This decision takes effect from 25 April 2010.
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