The Governor of the State Bank of Vietnam (SBV) on June 4 granted a licence to establish the Cooperative Bank of Vietnam at the request of the Central People’s Credit Fund (CPCF), serving as another funding channel for individuals and collectives.

Under the licence, the bank will be transformed from the CPCF and headquartered in Nguyen Thi Dinh street, Trung Hoa commune, Cau Giay district, Hanoi.

It will have a chartered capital of 3 trillion VND (about 142 million USD) sourced from the State, CPCF members and other legal entities.

The bank, which operates nationwide in a 99-year period, will be allowed to set up a network of domestic and foreign branches once getting the SBV’s writing approval.-VNA