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Central bank mulls barring cross-bank shareholdings   2009-04-21 - VNN

Commercial banks could be barred to purchase or contribute capital to other financial institutions, according to State Bank of Vietnam's (SBV) draft of Law on Credit Institutions.


Under it, commercial banks will not allowed to buy, hold shares of other credit institutions except the keeping of shares for debt treatment or according to SBV's order to deal with ailing credit institutions that are high risk to file for bankruptcy.

In case shares are kept for debt treatment, commercial banks must sell the share volume within six months from the day of starting to handle with secured assets (shares).

However, commercial banks are allowed to contribute capital or purchase shares of the companies operating in fields of insurance, securities, payment support service or credit information.

Commercial banks are permitted to use only chartered capital or reserve fund to contribute capital or buy shares through setting up subsidiary company, associated company in securities business and foreign currency trading or factoring, finance leasing firm or secured asset management company after obtaining SBV's approval.

The draft remarked that commercial banks would not allowed to trade real estate.

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