VBARD allowed to establish Asset Management Company

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VietStock FI English - 69 month(s) ago 18 readings

The State Bank of Vietnam (SBV) issued Decision No. 635/QĐ-NHNN on April 9 to permit the Bank for Agricultural and Rural Development of Vietnam (VBARD) to establish an Asset Management Company (MTV Asset Management Company Ltd.).

Accordingly, the VBARD establishes the MTV Asset Management Company Ltd. As a result of separating collateral management functions from VBARD MTV Services Company Ltd. The Company is headquartered at No.2, Lang Ha Street, Ba Dinh District, Hanoi. Its charter capital is VND 30 billion based on capital transfer from VBARD MTV Services Company Ltd. Its operational duration is the remaining duration of the VBARD.

The Company is allowed to conduct following operations: Receiving and managing debt collateral (mortgage, pledge, guarantee,...) in order to recover debts; selling mortgaged property under the Bank's disposal in line with the market price (asset price may be higher or lower than the value of debt outstanding) in accordance with law; processing the mortgaged property by such appropriate measures as renovating, repairing the property for sale, leasing, capital contribution, joint venture; and other asset management undertakings as authorized by the VBARD in accordance with law. For the mortgaged real estate, the Company should comply with the provisions and time limits specified in Article 132 of the Law on Credit Institutions.

At the same time, the VBARD is responsible for the establishment, governance and operational management of the Company in accordance with the applicable laws and its Charter. Moreover, the VBARD is required to terminate operations related to asset management of the VBARD MTV Services Company Ltd. and implement the procedures for deleting these operations in the certificate of business registration of the company.

This Decision took effect on the date of signing.

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